In Lido Shores, where homes are as likely to appear on architecture tours as they are in luxury listing alerts, another marquee address has changed hands. A Gulf-front estate at 1067 Westway Drive sold July 15 for $15 million in an all cash deal.

The six-bedroom home was listed for $20 million and sold by Thomas and Paula McInerney, the Westport, Connecticut-based co-founders of private investment firm Bluff Point Associates. Sarasota County records show the couple purchased the property in 2006 for $13 million.

The sale ranks among the area's highest residential transactions this year, trailing only sales at 865 Longboat Club Road, 1204 Hillview Drive and 171 Whittier Drive.

Apparently, the secret's out about Sarasota. Fox Business recently highlighted Sarasota as part of Florida's growing Gulf Coast luxury boom, fueled by wealthy buyers looking beyond the state's traditional East Coast enclaves and calling the area, a “safer, smaller Beverly Hills.” This $15 million sale in Lido Shores already underscored the point.

Westway Drive, specifically, is no stranger to top-dollar transactions, like this $26 million listing from 2025, this $12.8 million sale from 2024, the home of a former Hasbro executive.

Set on nearly 2 acres, 7,438-square-foot home has more than 100 feet of Gulf frontage, six bedrooms, seven full bathrooms and two half baths. A dramatic central atrium is anchored by a sweeping double staircase, while the main living spaces open toward the beach and an infinity-edge pool framed by tropical landscaping. The property also includes multiple terraces, a private theater, wine room, family and game rooms, two executive offices and a four-car garage.

Built in 1996 and renovated in 2016, some of the kitchen and primary bath finishes reflect the era, but the property's scale, beachfront setting and unusually large parcel remain among its starry attributes. Large Gulf-front tracts in Lido Shores rarely change hands.

The sale itself wasn't the only thing that stood out. The buyer is listed in county records as Florida Rhea Reserves LLC, a company formed in June. The LLC lists a principal office at 1343 Main St. in downtown Sarasota and the paperwork was submitted by Washington, D.C.-based law firm Hogan Lovells. 

The deed for the Westway purchase, however, lists a Longboat Key condominium address at 4241 Gulf of Mexico Drive. That condominium is owned not by Florida Rhea Reserves LLC, but by a separate Delaware company with the nearly identical name Rhea Reserves LLC, which purchased the unit for $1.8 million in 2024. For now, the identity of the person behind the $15 million purchase remains private.

According to the property records attached to the condo, Sarasota entrepreneur and restaurateur Ronnie Shugar, sold the Longboat Key condominium now tied to the buyer's mailing address. Monica Verinder of Coldwell Banker Realty represented both the buyer and seller in the transaction.