New Jersey Businessman Buys Beachfront Estate and Vacant Lots in Naples for $42.9 Million in Simultaneous Real Estate Deals

 

The trust that holds the assets of John Michael Paz has just concluded a major real estate transaction with the purchase of a 30,870 square foot home for $33.5 million is located at 1680 Gulf Shore Blvd., S. In a separate deal which closed the same day, two adjoining lots at 30 15th Ave. S., totaling 0.83 acres, were purchased for $9.4 million. The lots are commonly referred to as “Oasis on the Gulf”.

You can view the virtual tour of the home here.

The impressive estate occupies 1.39 acres of land right on the Gulf-front. The home has all the amenities one would expect from this location and price point, including a guest house. There are sun decks and porches for taking in the view. There is a custom built Chickee Hut on the property for outdoor entertainment in the pool and spa area along with a built-in fire pit.

It’s interesting that the double vacant lots are three doors down from the estate and makes one wonder if Paz intends to try and purchase the homes in between. As it stands the two lots extend from Gulf Shore Blvd. to the beach. Calls to Karen van Arsdale, the real estate agent with Premier Sotheby’s International Realty, who represented Paz in these transactions, went unanswered.

The properties were previously owned by La Playa Naples Investment LLC, headquartered in Fort Myers. The seller’s agent, Michael McCumber who works for Gulf Coast International Properties also did not return calls for comment.

Paz has his current beachfront home at 38 Broad St. S. listed for $10.9 million with Premier Sotheby’s International Realty. The home is described as having five-bedrooms and six bathrooms. It also boasts a kitchen that extends and is open to the outside pool area. It also has a gas fireplace built entirely of stones shipped in from the Rocky Mountains.

This home is ten years old having been built in 2004. It was purchased by Paz in 2011 for $7 million. If the comparable homes in the area support the nearly $4 million in increased value this would mean that the real estate market has rebounded in Naples even if Paz made major upgrades to the home and property.

William Poteet, a prominent real estate broker in Naples, said there is a strong indication that properties considered “high-end” in Naples will continue to be very desirable to wealthy individuals and more so if the home or property is located on the beach. There is only so much beachfront property so it will more than likely always be in demand and maintain its value.

Paz owned Godwin Pumps, headquartered in Bridgeport, N.J., for several decades before selling the company in 2010 for a total of $585 million to ITT Corporation. This company provides the kind of pumps that are used in the municipal and industrial markets for pumping sewage, storm water, industrial oils, for mine dewatering and sludge.

Upon leaving Godwin Pumps in 2011 Paz became the executive board chairman of a company in Millwood, N.J. called Trico Lift. At the same time he runs a business management company called Prime Legacy Management LLC. Prime Legacy has offices in West Deptford, N.J., and here in Naples, FL.

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