The Wicker Inn sold for $4.2 million Friday, June 11, according to Reid Murphy, who represented both the buyer and seller for the transaction. According to Murphy, the resort, which is located at 5581 Gulf of Mexico Drive, was listed on the MLS for just five days before it went under contract. The property was initially listed for $5.5 million.
“Beachfront is becoming harder and harder to come by,” Murphy said. “We negotiated it last weekend, and it closed immediately. It was the perfect scenario.”
The seller was U.S. Assets Group, a Sarasota company registered to Thomas Brown. The resort was purchased by a family who spends the winter in the area, Murphy said. At press time, their names were not available.
The property consists of 10 rental suites and one cottage, which range from one bedroom to three bedrooms. U.S. Assets Group purchased the property for $5.6 million in August 2006 and initially planned to transform the resort into Wicker Beach, a six-unit luxury condominium community with units priced from $3 million to $4 million. But, according to Murphy, the property will continue to operate as a resort.
“It’s a beautiful location,” Murphy said. “It’s going to stay a resort and keep that tourism going.”
Contact Robin Hartill at email@example.com.
Currently 0 Responses
16 Nia with Gail on Longboat Key
11:30 am - 12:30 pm
19 Longboat Key Fine Art Festival
9:00 am - 9:00 pm
19 Mote's Party on the Pass
22 Nia with Gail on Anna Maria Island
11:00 am - 12:00 pm
Resident receives U.S. citizenship
For one Longboat Key resident, facing the American flag and reciting the Pledge of Allegiance held special meaning at the Kiwanis Club of Longboat Key’s April 3 breakfast meeting.
Lacrosse players engineer spring break
The Massachusetts Institute of Technology (MIT) lacrosse team members hit the beach on Longboat Key during their recent spring break.
Observer wins 20 Local Media Association awards
Local Media Association, made up of 2,000 newspapers in U.S. and Canada, announced the winners of its 2013 Editorial Contest Monday. The Observer Group won a total of 20 awards among eight of its newspapers, making it the third top company winner.