Waterfront property that was once a fish camp until the late 1980s on Marco Island sold for $10,749,000, making it the highest-priced lot sale recorded in the island’s history, according to Premier Sotheby’s International Realty officials.  

The property at 1771 Osceola Court is 4.32 acres and has 605 feet of direct waterfront overlooking Caxambas Bay and the Gulf of Mexico and is primed for the construction of a custom waterfront estate.  

Jim Prange and Nikki Prange-Carroll of Premier Sotheby’s International Realty’s Marco Island office represented the buyer, Dennis Albaugh.  

The billionaire and businessman from Iowa bought the property from Sessions Family Partners LTD and is a long-time Marco Island investor. The founder and chairman of Albaugh LLC, which creates and supplies crop protection products used by farmers globally, also bought land in Hideaway Beach and built five spec homes last year, all of which sold.  

Albaugh plans to construct seven custom estate homes on the property, Prange said. There is a small canal that extends through some of the lots Albaugh purchased, and he hopes to gain permits allowing him to extend that waterway so the majority of his properties at this location can be waterfront.