MELBOURNE BEACH, Fla. -

A one-of-a-kind residential property was sold Tuesday for a one-of-a-kind price.

Known as "Shangri-La," the 12,000-square-foot beachfront estate at 405 S. Atlantic St., Melbourne Beach, sold for $3.75 million. According to Local 6 News partner Florida Today, it's believed to be the highest residential sale of an existing property in Brevard County history.

Buying the property was John "Jack" Dwyer, a financial executive from Baltimore, and his wife Nancy. The sellers were Dr. Michael and Kimberly Lesser, who built the mansion in 2007.

The Dwyers have owned a condominium in the Melbourne Beach area for some time. They decided they wanted to spend more time in Brevard and avoid the cold northeast winters.

"We were thinking about moving and we just didn't think we could find a better price than this," said Nancy Dwyer, a former real estate lawyer who grew up in Brevard and graduated from Melbourne High School.

"Combine that with the horrible winter," she said, "and that did it."

This will be the couple's permanent home. Jack Dwyer plans to commute regularly for his work in Baltimore.

The Lessers could not be reached for comment.

The transaction was brokered by Michael and Bea Jaffe at Coldwell Banker Paradise. David Settgast of South Island Real Estate represented the Dwyers.

Michael Jaffe noted the sale was preceded by an extensive marketing campaign which included advertising in luxury national home publications such as Unique Homes, Wall Street Journal and Homes & Estates, as well as regional distribution in 14 half-page spreads in Homes and Land magazines covering from Martin County through Brevard.

Numerous websites targeting luxury home buyers also were part of the mix.

If the sale is indicative of anything, it shows the luxury housing market is alive and well in Brevard, Jaffe said.

"There were quite a few offers from some wealthy people on this property," Jaffe said. "This sale tells me the high-end market definitely has come back in Brevard County."

At one point the property had an asking price of $4.2 million.

A review of a decade's worth of sales records at the Brevard County Property Appraiser's site indicated the sale of 405 S. Atlantic St., eclipsed two previous sales records, both occurring in 2006 when the local real estate market still was swooning.

One transaction was $3.65 million for a property on South Merritt Island and another was for $3.7 million on Lansing Island.

And in case anyone was wondering, the annual taxes for the Melbourne Beach property totaled $33,417.21 in 2013.