Boca Raton waterfront mansion sells for an ‘extraordinary’ $40 million, setting a record

A waterfront mansion in Boca Raton sold for $40 million, setting a new record in the city’s growing ultra-luxury market.

The property currently houses a nearly 10,000-square-foot home with four bedrooms, eight bathrooms and two pools, according to Zillow. It is situated on the Intracoastal Waterway in the Royal Palm Yacht & Country Club, at 2499 E. Maya Palm Drive.

The sale, made on April 30, “speaks to the strength of the luxury market,” said selling broker Jon Mann, of the Jills Zeder Group at Coldwell Banker Realty. Before this, the highest sale price was made in January for a home in The Sanctuary of Boca Raton for $29.5 million.

The home was built in 1997, according to county records, and this is the first time it’s being sold, said Jill Hertzberg, another selling broker.

In 2023, the market value was about $35.6 million.

The buyer likely plans to rebuild on the property, Hertzberg said, either with an entirely new mansion or even two.

“This particular property was the trophy property in the community,” Mann said. “It’s got over 400 feet of waterfront.”

The site, which is more than 1.5 acres, has the potential for a more than 20,000-square-foot home, said Scott Gerow, the director of luxury sales for the CBG Luxury Team at Compass in Boca Raton. He was not involved in the sale.

“The sky’s the limit,” he said.

Gerow pointed out how because the buyer plans to rebuild, the $40 million was essentially for the land value alone.

That sale price is “an extraordinary number,” he said. “It puts Boca Raton on a very, very, very exclusive map for properties that command that kind of a price tag.”

He added: “We’re starting to get into Palm Beach Island and Miami Beach numbers when you put it into that perspective. So, I think that’s incredible for the city.”

And even for Boca Raton, a city whose homes at times can hit seemingly unattainable prices, this recent sale is still significant. In the past, new-construction homes have sold for anywhere from $22 million to $28 million, but this sale exceeds that.

“We have had very high price homes and yes, I think that trend will continue, but certainly nothing even close to this,” Gerow said.