Greg Spencer Of South Seas Acquires 22-Acre Resort Property For $45 Million In Captiva
5400 Plantation Road
$45,000,000
Building Size
—
Asset Type
Other
Closing
Apr 7, 2026
About this deal
AI
The sale involved a 22-acre resort asset located at 5400 Plantation Road in Captiva, which was purchased for $45,000,000. The property includes an 8,000-square-foot studio and Beach House, along with ten additional buildings that will help expand the resort's footprint.
Summary of transaction details:
- Property Type: Resort
- Transaction Amount: $45,000,000
- Address: 5400 Plantation Road
- Market: Captiva
- Acres: 22
- Buyer: Greg Spencer - South Seas
The transaction was marked by local backlash from residents concerned with historic preservation, as South Seas plans to integrate the Robert Rauschenberg property into its resort. The acquisition aims to honor Rauschenberg's legacy through art-related programming.
Players
Plantation Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93