Pinellas residential property on Gulf could sell for nearly $40M

A waterfront property in Belleair Shores has been put on the market with a price tag that could top out at $38.5 million.

The property is a double lot at 1420 and 1440 Gulf Blvd. on the small Pinellas County barrier island between Clearwater Beach and Indian Rocks Beach. It has 160 feet of direct Gulf frontage and 245 feet of depth totaling just under one beachfront acre. 

The property previously had two homes on it, but they’ve been demolished.

It is currently owned by Gregory and Vera Muzzillo according to county property records. Gregory is the founder of Proforma, a marketing solutions company founded in 1978. Vera is the current CEO.

The records show the couple bought 1440 Gulf Blvd. in 2013 for $2.15 million and 1420 Gulf Blvd. in 2016 for $2.05 million.

Liane Jamason with Corcoran Dwellings Real Estate says whoever buys it will have several choices on how to make the purchase. The land alone could be sold for $11 million, with the buyer building whatever they want on it or the buyer could buy it with one of three pre-designed custom homes ready for construction.

For those who don’t want to build their own house, here, according to a statement, are the options:

Image courtesy of Corcoran Dwellings Real Estate

• The Edgewater, a 6,727-square-foot house (13,718 total square feet) with five bedrooms, a gallery with a viewing balcony, dual outdoor kitchens and an eight-car garage with a workshop. The soft blue clapboard home with Bermuda shutters and columned portico is priced at $19.5 million for the land and house.
• The Crescendo, an 11,1811-square-foot three level house (18,661 square feet under roof) with five ensuite bedrooms, a grand loggia (outdoor gallery) with an outdoor kitchen, a 2,451-square-foot third-floor skydeck with gym and an eight-car garage. The house with “contemporary architecture layering warm wood, dramatic stonework and clean horizontal lines” is priced at $22.5 million for the land and house.
• The Villa Modena, a 15,535-square-foot house (40,202 total square feet) with seven bedrooms, dual VIP suites, a ground-level wellness resort with spa and plunge pools and a 16-car garage. The house, described in the release as a “grand palazzo in the spirit of the Italian coast,” has a lazy river flowing beneath the residence, winding past the pool, spa and grand loggia. It is priced at $38.5 million for the land and house.

The three houses were designed and will be built by Windstar Homes, a luxury homebuilder in Tampa.

If one of the homes is chosen, it will set a residential sales record in the county, with Villa Modena more than doubling it, the release states. Quoting Multiple Listing Service data, Corcoran Dwellings says the previous record was set in 2019 for a home that sold for $16.5 million on the same stretch of Gulf Boulevard. 

Belleair Shores is a community spanning about a quarter-mile of coastline and, according Corcoran, its town charter allows for only 58 single-family residences in perpetuity. There are no condominiums, no hotels, no short-term rentals and no commerce.

“It may be years before Gulf Boulevard sees another offering like it,” says Jamason.