A company headed by Brian K. Stock, CEO of Naples-based homebuilder Stock Development, paid $12 million for an oceanfront lot in the wealthy Town of Palm Beach.

M & C Properties LLC, managed by Michelle S. Becker in Michigan, sold the 0.84-acre lot along South Ocean Boulevard between Via Bellaria and Clarendon Avenue to 916 South Ocean Boulevard LLC, managed by Stock. The price equated to $328 per square foot.

The property last traded for $5.5 million in 2000.

A Wisconsin native, Stock heads oneā€¦