The president and CEO of a leading national aerospace supply company paid $5.1 million this week for a lakefront home near the Isleworth Golf & Country Club.
Located on Lake Louise Drive on a half-acre lot with extensive lake frontage, the 7,543-square-foot home has five bedrooms, six-and-a-half baths and dates to 1989.
The buyer was Neal J. Keating, lead executive for Connecticut-based Kaman Corp., an aerospace component and industrial supplier. He plans to rent the home, according to Eric Remington, Kaman vice president for government relations and communications.
"(Keating) is not planning to move to Orlando," Remington said. "The company is based here in Connecticut and there are no plans to change that. The property was purchased as an investment property."
The first floor features a master suite with his and her closets, spa tub, oversized shower and heated floor. Also downstairs are a sauna and gym, a theater and game area, and a rustic stone bar.
The home's seller was Joseph M. Kearn, owner of Joseph M. Kearn and Associates insurance company of Orlando, who previously paid $3.1 million in 2008.
On Wednesday, Kearn bought a new home less than a mile away on Isleworth Country Club Drive for $2.3 million. Set on 0.83 acres, the 7,455-square-foot house has four bedrooms, five full baths and two half-baths. The sellers were Glenn W. Miller and his wife, Linda W. Miller of Las Vegas.
Keating was named president of Kaman in September 2007, CEO in January 2008 and chairman in March 2008. The company's primary business is as an aerospace component supplier and industrial distributor.
The company has a distribution business of over $1 billion with 240 locations around the country, said Remington. The company supplies parts for mining, food processing and many other industrial customers.
"Name an industry and we supply them with components," Remington said.
Prior to joining Kaman, Keating was chief operating officer for Hughes Supply, a $5.4 billion industrial distributor in Orlando. During that time he lived in Isleworth, according to Remington.
Before coming to the Orlando area, Keating was CEO of GKN Aerospace and executive vice president and COO of Rockwell Collins Commercial Systems. He and his family live in Connecticut.