Tour a $24 million mansion in Delray Beach, Florida

The owners of this Florida mansion are asking $24 million for their nearly 11,500-square-foot residence within one of the most expensive gated communities in Delray Beach, Florida.

The price puts the home, known as Villa Ananda, at a price per square foot of nearly $2,100, which is well beyond record territory for a non-waterfront city home.

“As long as wealthy clientele view Florida as a haven for lifestyle and tax benefits, the ultra-luxury real estate market will flourish,” broker Senada Adzem told CNBC.

Over the past five years, the Delray Beach market has exploded. Since 2018, the average price per square foot of a luxury home, which represents the top 10% of sales, in Delray Beach has more than doubled from $416 to nearly $840, according to the Elliman Report.

The 102% increase in Delray Beach is even more impressive when you consider that it surpassed both the Miami mainland coast, which saw an 86% increase in luxury price per square foot, and the Manhattan, New York, market. where the average price per square foot of a luxury home decreased by 2%.

The average luxury home sale in Delray Beach has also seen a dramatic increase, increasing 90% from $2 million in 2018 to $3.8 million in the final quarter of 2023.

“People tend to think of Miami and Palm Beach when the topic turns to high-end real estate in South Florida,” Adzem told CNBC. “But Delray Beach is, without a doubt, one of the region's top luxury residential markets.”

Many of the city's high-net-worth residents have been attracted to an exclusive enclave called Stone Creek Ranch. The gated community is the home of billionaire hedge fund manager Steve Cohen; National Football League star Khalil Mack; Gerry Smith, CEO of ODP, the parent company of Office Depot; and singer-songwriter Romeo Santos, to name a few.

Antonio Neri, CEO of Hewlett Packard Enterprise, bought a home here in 2019 for $7.5 million. He sold it in 2022 for $14 million, an increase of almost 87% in less than three years. Both deals were negotiated by Adzem.

“I bought the house because I loved it and the neighborhood. It also turned out to be an extraordinary investment,” Neri told CNBC.

Just last year, the 37-residence community experienced its most expensive sale to date when a 17,800-square-foot mansion at 9200 Rockybrook traded for $26 million, or about $1,460 per square foot, in a deal that was also brokered by Adzem.

While its latest listing, 9303 Hawk Shadow Lane, isn't the most expensive home to hit the market here, at nearly $2,100 per square foot, it would be the highest price per square foot ever reached in Stone Creek Ranch, surpassing the previous record. by more than 40%.

“Trophy properties have been gaining momentum in the South Florida market over the last three years, for tax benefits, for safety reasons and because of the pandemic,” Adzem told CNBC.

The real estate agent knows this luxury neighborhood well. In the last four years, he has sold five properties here, twice each, and negotiated more than $136 million in transactions, all of them just 500 meters from his last listing.

While buyers-turned-sellers like Neri have made significant gains in a short time, Adzem believes the market is still trending in the right direction. The limited supply helps.

“The high demand for properties within Stone Creek Ranch, with only 37 multi-million dollar properties available, further underscores this market dynamic,” Adzem said.

The one-story residence sits on 2.5 acres surrounded by a man-made lake.

Missing from the property's lush green landscape are the ubiquitous Florida palm trees. There is not a single one on the farm. Instead, the land is dotted with towering Italian cypress trees, bougainvillea, rose bushes, pine trees, and vegetation chosen for its resemblance to olive trees.

Adzem tells CNBC that landscape architect Krent Wieland and the owners opted for greenery that would make the residence look less like a Florida mansion and more like a luxurious villa in the Italian countryside.

“Every detail of its environment was carefully selected, inspired by the stunning views of the southern Italian countryside,” Adzem said.

According to Adzem, Villa Ananda's master suite spans more than 3,500 square feet, with two home offices, two walk-in closets, a pair of bathrooms, and a wellness area with an infrared sauna and massage table.

The interiors are designed by Inson Dubois Wood with custom furniture made by Studio Liaigre, Adzem tells CNBC, and although the furniture is not included in the sales price, it is negotiable.

Custom chandeliers in the living room, formal dining room, bathrooms and even closets are crafted from a pearl-white rock called selenite, a crystal that forms when calcium-rich salt water evaporates.

There is a dining room for twelve people next to the kitchen, as well as a separate formal dining room with capacity for 10 people.

The kitchen's waterfall countertops are made of white Calacatta Crema marble and the hardwood floors are washed in a soft gray hue that resembles weathered wood.

Outside, there is a saltwater pool, a 20-person hot tub, a Zen garden, fireplaces, a fruit orchard, and a rose garden.

The stone driveway leads to a parking courtyard flanked by air-conditioned garage areas for nine cars.