Honeywell CEO David Cote buys Anna Maria Island lot for $4.1M
ANNA MARIA -- The CEO of Fortune 100 company Honeywell International has bought a chunk of Florida beach that is nothing but possibilities. Manatee County property records show David M. Cote, Honeywell's CEO since 2002, paid $4.1 million for 1.1 acres of vacant beachfront with a view of the Gulf of Mexico on the northwest shore of Anna Maria Island. The sale is the priciest for bare land on the island in 2015.
Cote, who also serves as the chairman of Honeywell's board of directors, bought the lot from a company controlled by Ideal Island Properties LLC. The company also owns a 1.26-acre lot next to the property Cote purchased.
Charles Buky, a real estate agent with the Longboat Key office of Coldwell Banker, was the selling agent. He said the property was originally listed at $3.6 million. Multiple bids on the property pushed the final selling price a half million dollars higher. Buky worked on the transaction with his father, Gabriel, another Coldwell Banker agent.
Records do not indicate Cote financed his purchase. According to Bloomberg Business, the 63-year-old Cote earned more than $29 million in total compensation in fiscal year 2014 in his roles with Honeywell. A maker of commercial and consumer products that also offers engineering services and aerospace weapon systems, Morris Plains, N.J.-headquartered Honeywell earned more than $40 billion in 2014, according to its annual report.
Cote's property transaction is similar to one in 2014 in Longboat Key. In that deal, fashion designer Michael Kors purchased 2.25 acres of Gulf of Mexico shoreline for $6 million. He has filed plans to build a 6,300-square-foot home on the property.
As of yet, Cote has not filed construction plans for the property, according to Char Patterson, the building official for the city of Anna Maria.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter@MattAtBradenton.
This story was originally published December 4, 2015 at 12:00 AM with the headline "Honeywell CEO David Cote buys Anna Maria Island lot for $4.1M ."