Slip sells for $4 million

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A megayacht slip at Key Largo's Ocean Reef Club has sold for a record $4 million, according to Russell Post Sotheby's International Realty, the agency that represented both parties in the transaction.

"In spite of the economy, the demand for megayacht slips has not waned," said Russell Post, the agency's president, in a statement. "There are only a few marinas like the one at Ocean Reef that can accommodate a vessel of this size while also offering the privacy and security of a private club."

The $4 million slip, located on the T-Dock, can accommodate yachts up to 165 feet in length. The previous record sale at Ocean Reef for a similar size dock was $2 million, according to Post.

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