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 inside 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 about $2,100, well beyond the record-breaking area for a non-oceanfront home in the city.

“As long as wealthy clients view Florida as a lifestyle and tax-advantaged haven, the ultra-luxury real estate market will thrive,” listing broker Senada Adzim told CNBC.

Over the past five years, the Delray Beach market has more than boomed – it's skyrocketed. Since 2018, the average price per square foot for a luxury home — which represents the top 10% of sales — in Delray Beach has more than doubled from $416 to nearly $840, Elliman reports.

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

The average sale of luxury homes in Delray Beach also saw a significant uptick, increasing 90% from $2 million in 2018 to $3.8 million in the fourth quarter of 2023.

“People tend to think of Miami and Palm Beach when the topic turns to high-end real estate in South Florida,” Adzim told CNBC. “But Delray Beach is undoubtedly one of the region’s leading luxury residential markets.”

Many of the city's high-net-worth residents were drawn to an exclusive area called Stone Creek Ranch. The gated community is home to billionaire hedge fund manager Steve Cohen. NFL star Khalil Mack; Jerry Smith, CEO of ODP, 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 nearly 87% in less than three years. Both deals were brokered by Adzem.

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

Just last year, the 37-residence community saw 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 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 will be the highest price per square foot ever achieved at Stone Creek Ranch, beating the previous record by more than 40%. .

“Trophy real estate has gained traction in the South Florida market over the past three years — for the tax benefits, for safety reasons and because of the pandemic,” Adzim told CNBC.

The real estate agent knows this upscale neighborhood well. Over the past four years, it has sold five properties here, twice each, and has brokered more than $136 million in transactions — all just 500 meters from its most recent listing.

While buyers-turned-sellers, like Neri, have made huge profits in a short time, Adzim believes the market is still headed in the right direction. Limited supply helps.

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

The single-story residence sits on 2.5 acres and is surrounded by a man-made lake.

The property's lush green landscape misses the palm trees that are so ubiquitous in Florida. There is not one in the estate. Instead, the grounds are filled with towering Italian cypress trees, bougainvillea, rose bushes, pines, and plants chosen for their resemblance to olive trees.

Landscape architect Krent Wieland and the owners chose greenery that would make the residence less like a Florida mansion and more like a luxury villa in the Italian countryside, Adzem tells CNBC.

“Every detail surrounding them has been meticulously curated, inspired by the stunning views of the southern Italian countryside,” Adzim 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 were designed by Inson Dubois Wood with bespoke furniture by Studio Liaigre, Adzem tells CNBC, and although furnishings are not included in the asking price, they are negotiable.

Custom chandeliers in the living room, formal dining room, bathrooms and even closets are made of a pearly white rock called selenite, a crystal formed when calcium-rich salt water evaporates.

Off the kitchen is a dining room that seats twelve, as well as a separate formal dining room that can seat 10 guests.

The waterfall-shaped kitchen countertops are designed in white Calacatta Crema marble, and the wood floors are washed in a soft gray that resembles driftwood.

Outside there is a saltwater pool, a 20-person hot tub, a zen garden, a fireplace, a fruit tree orchard and a rose garden.

A stone driveway leads to a parking lot surrounded by air-conditioned garage areas for nine cars.