Comcast exec’s home buy on Kiawah sets record

This 9,777-square-foot oceanfront spread on 3 acres at 181 Bally Bunion Drive on Kiawah Island sold Wednesday for $20.25 million, the most ever paid for a home on the seaside resort and beyond.

The oceanfront Kiawah Island home that smashed the sales price record for the region almost five year years ago has done it again.

The nearly 9,800-square-foot residence at 181 Bally Bunion Drive changed hands in a $20.25 million sale this week, according to Charleston County property records.

The buyer, 181 Bally Bunion Drive LLC, is associated with Philadelphia-area resident Michael J. Angelakis, who recently announced he is stepping down as vice chairman and chief financial officer of cable TV and broadcasting giant Comcast Corp. to run a new venture fund with his employer.

Angelakis could not be reached for comment this week through Comcast. The buyer’s closing attorney, Custis Byars of Buist Byars & Taylor on Johns Island, said he could not discuss the sale.

Records show the seller was billionaire Jude Reyes, whose Chicago-based food service and beverage empire includes Lee Distributors in Summerville.

Reyes set up a company to buy the three-story seaside spread for $14 million in mid-2010 — setting a new high for Charleston County and perhaps the entire state for a single-family home. He then formed a separate entity about a month later to buy an adjacent oceanfront lot for almost $2 million.

Both tracts were included in the sale. The combined lots, which are near the 18th hole of the Ocean Course, total slightly more than 3 acres and have 263 feet of oceanfront.

Online sales brochures show the six-bedroom, seven-bath home was listed at one point at $24.5 million, or about 21 percent more than the sale price. The sprawling structure was designed by architect Robert Stern and built in 2002.

Chris Drury, president of Kiawah Island Real Estate, which listed the property, said he wasn’t allowed to discuss the specifics of the sale.

“But we’re excited,” he said this week. “Obviously, that’s good news for the island.”

Kiawah was the site of another red-letter real estate deal last year, when Footprint Properties LLC paid $22 million for an undeveloped 7-acre oceanfront home site.

“That was only the dirt,” Drury said.

Wednesday’s sale brought about $2,071 on a per-square-foot basis. It’s a new high-water mark for a single-family residence on Kiawah and elsewhere.”

“It’s likely to be historic for certainly the island, the county and maybe beyond that,” Drury said.

As for its new owner, Angelakis is in the market to sell a smaller vacation home he and his family have owned on the ocean at Kiawah since 2006. The 7,614-square-foot Surfsong Road property is listed at $14.5 million.

Contact John McDermott at 937-5572.