$5.6M waterfront estate is highest-priced sale for Isles of Capri

Will Watts

A waterfront estate in Isles of Capri has sold for $5.6 million — the highest-priced residential sale ever recorded in Isles of Capri.

Located at 8 West Pelican Street on a quarter-acre of land, the residence boasts panoramic views of the Marco River. The listing was marketed and sold by ML Meade of Premier Sotheby’s International Realty’s Marco Island office.

The listing has four bedrooms, a den and six baths, and over 5,000 square feet of interior living space.

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“Its elegant features, spectacular outdoor living spaces and prime island location appealed to the discerning buyer seeking a private retreat near an array of countless cultural offerings,” said Meade.

This comes on the heels of two record sales on nearby Marco Island.

This lot on Marco Island sold for nearly $11 million, a record price.

A cobbled-together 4.32-acre plot recently fetched $10.749 million — making it the highest-ever lot sale on the island, according to Premier Sotheby’s International Realty.

Technically, the sale involved two parcels, with the given address of 1771 Osceola Court. The land offers 605 feet of direct frontage on the water, overlooking Caxambas Bay and the Gulf of Mexico, in the Estates area, at the southeast corner of the island.

"It's very unusual," said longtime island Realtor Jim Prange. He brought the buyer, along with his daughter Nikki Prange-Carroll, specialists on Marco real estate for Premier. 

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The buyer, Dennis Albaugh, a billionaire businessman from Iowa, is no stranger to Marco, or Marco real estate. The Midwesterner has owned, invested and developed property on the island for years.

"He's been on Marco for a long time, probably at least 30 years now," Prange said. 

The sale closed April 5, just weeks after a record home sale on the island.

A rare, contemporary mansion in Hideaway fetched $11.875 million on March 22, beating the previous record of $10.5 million, set in 2020, for a new estate, also inside Hideaway.

This mansion in Hideaway Beach sold for nearly $12 million, a record sale for the community and Marco Island.

The affluent community includes a private nine-hole executive golf course and clubhouse, with two miles of beach sitting directly on the Gulf of Mexico.

Property records show the buyers as Dexter and Jaime Lanigan.

Dexter is a former Marine and the owner of New Age Development Group, a general contractor and construction management firm based in Pennsylvania.

Reporter Laura Layden contributed to this report.