Siesta Key estate tops 2016 island sales

The developer behind the 11-unit Infiniti condominium on Longboat Key recently bought three acres on Siesta Key, which tops island sales for 2016.

Crossgate Partners purchased an estate, which fronts the Gulf of Mexico at 3975 Shell Road, for $5.6 million May 5, according to a news release. Michael Saunders & Co. represented the buyer as well as former owners Ronald and Barbara White, who put the home on the market for the first time in 40 years.

The property includes a 5,000-square-foot, two-story home built in 1940, a separate two-bedroom building and a 430-square-foot dock. The property was originally listed for $6.25 million.

The purchase marks the fourth most expensive residential transaction in Sarasota, Manatee and Charlotte counties this year, and the largest on the Key. 

Representatives from Crossgate could not be reached for comment.

Michael Saunders & Co. Corporate Communications Director Tom Heatherman said the new owner will likely redevelop the property, but would be restricted to two new homes at the most under the current zoning designation.

The local brokerage’s founder and CEO, Michael Saunders, represented the former owners when they originally bought the property four decades ago, according to the release.