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Town of Gulf Stream sees second-highest home sale with $27.5 million oceanfront mansion
PHOTOS: $27.5M oceanfront mansion in Gulf Stream near Palm Beach
The oceanfront estate with a 750-bottow walk-in wine chiller will be a second home for CEO of J&K Ingredients, a New Jersey-based company.
A titan in the food preservative and flavoring industry paid the second-highest price on record for a home in Gulf Stream, a tiny coastal town that has seen a surge in supersize sales this year.
The $27.5 million deed was signed June 1 by James Sausville, CEO of his family’s 123-year-old New Jersey-based company that helps keep bagels fresh, tortillas soft and chocolate icing extra fudgy.
Paula Wittmann, who co-listed the beachfront home at 3565 N. Ocean Boulevard with Michelle Noga, said the per-square-foot price of the house of $4,496 was the highest on record in Gulf Stream. The overall price of $27.5 million was runner-up to a $33 million sale in March on the estate next door to Sausville’s new home.
Sausville bought the more than 6,000-square-foot home with his wife Estee Sausville under the James K. Sausville Family Protection Trust. His family’s company, J&K Ingredients, started in 1899 as a French grocery in New York City that evolved to become a leading provider of baking ingredients worldwide.
“When they saw the house they fell in love with it in seconds,” said Echo Fine Properties Realtor Mitch Frank, who represented the Sausvilles. “It’s truly one-of-a-kind.”
The Bermuda-style home has a 750-bottle walk-in wine locker, 110 feet of beachfront, six bedrooms, a custom pool and spa, and was built 17 feet above sea level.
Frank said the Sausvilles have eight children, and while this is their second home, they plan to live in it full-time in the future.
“We pursued the market from Gulf Stream to Boca Raton and looked at three properties,” Frank said. “As soon as you walk in this home, you feel like you’re in the Caribbean.”
The town of Gulf Stream is a slender 2-mile-long reach of coast with about 1,000 residents and two golf courses. Its stretch of A1A has the only remaining Australian pine canopy from Jacksonville to Miami and is designated a historic and scenic highway.
“Because it’s located between Palm Beach and Delray Beach, you have the best of both worlds,” Wittmann said. “It’s such a pretty area and the beach is wide and beautiful.”
But the pricey home sales are relatively new.
In addition to the $33 million sale, there was a $26.7 million deal that also closed in March. A 1926 oceanfront estate designed by society architect Howard Major is on the market for $35 million.
Although Wittmann said she’s seeing the clamor for ultra-luxury beachfront homes wane slightly in the face of a faltering stock market and uncertain economic future, there was still high demand when she and Noga first listed the home as agents for the firm William Raveis.
It was on the market just 10 days before going under contract.
“We actually had five people call us to say if something happened to the contract to let them know,” she said. “New construction on the ocean is hard to find.”
The Sausville’s new home was built in 2021 and previously owned by James and Kimberly Caccavo. James Caccavo is the founder and managing general partner of venture capital firm Steelpoint Capital Partners. Kimberly Caccavo is co-founder of GracedByGrit, a clothing brand she has since sold. The Caccavos bought the property as a spec house for $14.9 million.
Gulf Stream began as a scrubby pinch of land for polo and golf with the Gulf Stream Golf Club, established in 1924, and the Gulf Stream Polo Club, launching matches in 1927. Eventually, the polo fields were sold for residential development.
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