A buyer paid $22 million this week for an undeveloped piece of oceanfront property on Kiawah Island, marking one of the region's single-largest residential real estate transactions.
The sale of the 7-acre tract at 99 Flyway Drive was announced Thursday.
The seller was Elm Group LLC. The buyer was Footprint Properties LLC, which plans to build a home on the land.
The deal closed Tuesday, according to Charleston County property records.
Kiawah Island Real Estate represented the buyer and the seller. It called the lot sale the biggest-ever residential transaction for the gated resort community, which is home to some of the region's priciest properties.
The oceanfront property was described as a secluded parcel that's in the middle of the island and includes 250 feet of views of the Atlantic Ocean.
"This area typically has some of the largest ... homes in the area," said Mike Touhill, spokesman for Kiawah Island Real Estate.
The firm did not identify who owns Footprint Properties, describing him only as having owned property on Kiawah since the mid-1990s.
Tax records show the company is associated with Gary R. Bertrand. Before this week's sale, Footprint Properties owned two homes and one undeveloped lot on the island.
A statement from Kiawah Island Real Estate said the buyer plans to build a single-family residence for himself and his fiance, "who has owned and operated a property management business dedicated exclusively to Kiawah Island property owners since 1995."
"The fact that a longtime owner purchased this property demonstrates his confidence in the future of Kiawah," Chris Drury, broker-in-charge of Kiawah Island Real Estate, said in the statement.
Pareto Asset Management, the asset manager for Elm Group, said proceeds from the sale will go to charities in accordance with the wishes of the late Dennison A. Royal.
Royal, an Aiken native who died in 2011, was a longtime landowner on Kiawah and son of the late C.C. Royal, who once owned the entire island.
John McDermott of The Post and Courier contributed to this report.
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