J
ohn Hargreaves, founder of British retail giant Matalan, has sold two adjacent waterfront properties in Boca Raton to his neighbor Andrew Robins for $23.4 million. The sale involved the homes at 550 Northeast 5th Avenue and 550 Northeast 4th Lane, which were purchased by Robins through a Florida entity called 550 Northeast 4th LLC. Hargreaves provided seller financing of $13.8 million to facilitate the transaction.

    Robins already owns an adjacent 2-acre compound at 600 Northeast 5th Avenue, acquired for $12 million in 2018 and transferred into a trust last year. The combined holdings now span 3.4 acres. Hargreaves founded Matalan in 1985 and has since grown the business to include 270 stores across the UK.

    The properties sold by Hargreaves were purchased in 2000 ($5.9 million) and 2002 ($3.2 million). The 8,200-square-foot mansion at 550 Northeast 5th Avenue features seven bedrooms, six bathrooms, and a pool with dock access. The 5,000-square-foot house at 550 Northeast 4th Lane was built in 1995 and also has a pool.

    This sale marks an early high-end transaction in the market's busy season, which is expected to pick up pace following the presidential election. Recent luxury sales in Boca Raton include a $19.8 million non-waterfront mansion and a $28.5 million waterfront spec home, both built by Steve and Scott Dingle.