Phil Swift, co-founder of the Flex Seal line of products, has purchased a home in Gulf Stream, Florida, for $20 million,

The sale price set a record for a home in the seaside town, according to the WSJ.

The property, one of the most expensive ever sold in the area, had been on the market for $21.95 million, according to listing agents Devin Kay and Nick Malinosky of Douglas Elliman.

Sitting on just over an acre, the roughly 8,600-square-foot waterfront home has six bedrooms, an elevator, a gym and a wood-paneled office. It also comes with a guesthouse and a three-car garage.

It was developed in 2015, and last sold in 2016 for $15.875 million to the current sellers, a family based in the Virginia area, the agents said.