“Essence” of luxe lifestyle for sale with $15.5 million South Florida manse

By Kim Miller

700 OPC-291-Edit-2A 16,000-square-foot mansion in the exclusive Sanctuary community in Boca Raton has hit the market with a $15.5 million price tag that promises the “essence of the luxurious South Florida lifestyle.”

The home at 700 Osprey Point Circle is on the Intracoastal Waterway and features a deep-water dock, seven-bay garage with the capacity for 14 vehicles, seven bedrooms, eight bathrooms, three half bathrooms, and Mediterranean-European details.

The Palm Beach County Property Appraiser lists the home with an address of 672 Osprey Circle, likely because when William and Donna Nero bought the property in 2010 it was two lots that the couple combined for the home that stands there now.

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The listing is being handled by Douglas Elliman agent Tracy Roddy. The home was built by Bomar Builders and designed by Saxon-Clark Interiors.

In addition to the main house, there is a detached guest residence. Included is a walk-in wine cellar, cantilevered balconies, loggias and outdoor living room.

The Sanctuary is “patrolled on land and on the waterways, and is considered the most secure gated community in Palm Beach County.”

If sold at the $15.5 million asking price it will be the highest sale in the Sanctuary in at least a year.

But be ready to pay big if you’re getting a mortgage for the home. With 20 percent down and 30-year loan at 4 percent, monthly payments will run $64,620. Not to mention taxes, which currently stand at $134,339. That’s with a $50,000 homestead exemption.

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The property appraiser has the home valued at $7.42 million.

County appraisers are restricted by state law to not appraise homes at more than 85 percent of true value, so their assessments are typically lower than what a private appraiser would report.

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