Tennessee resident used $5.4 million mortgage to fund purchase
LONGBOAT KEY -- A Longboat Key mansion that stands as the highest-priced island property in more than two years was sold to a FedEx executive and his wife.
Manatee County court records revealed this week that Alan B. Graf Jr., executive vice president and chief financial officer, and his wife, Susan Graf, purchased the 7,000-square-foot mansion July 31 for $6.8 million.
The home at 6001 Gulf of Mexico Drive was recently completed by John Cannon Homes on 1.12 acres and features its own private beach with Gulf views. James D. Abrams, who hired John Cannon Homes to build the house, listed it for sale in April for $7 million. A sales contract was submitted eight weeks before construction was completed.
Court records show Graf used a $5.4 million mortgage to fund the sale from Financial Federal Bank in Tennessee.
The couple maintains a home in Memphis, Tenn., according to court records. Graf was the executive vice president and CFO of FedEx Express before FedEx Corp., formed in 1990, and joined FedEx as a senior financial analyst in 1980, according to his bio on FedEx.com. The couple also own a condominium on Gulf of Mexico Drive on Longboat Key.
His wife, Susan Graf, is the founder of FedExFamilyHouse. The nonprofit opened in 2010 in Memphis and provides a home for families to stay while their children receive care at Le Bonheur Children's Hospital.
Abrams of Sarasota bought the vacant property on Longboat Key for $1.8 million in February 2011.
The luxury property was co-listed by The Addy-Wittig Team, of the Longboat Key South office of Michael Saunders & Co.; and by Jonathan Abrams of the firm's Siesta Key office. Lynne Koy, with Coldwell Banker, represented the buyer. The four-bedroom, five-and-a-half bath waterfront home features Spanish Mediterranean influences throughout and includes a three-story tower leading to a grand foyer.