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AbbVie CEO latest heavy hitter to buy in Boca Raton
9K sf mansion traded for $14.3M, following back-to-back record sales this season
AbbVie CEO Richard Gonzalez is the latest heavy hitter to buy in Boca Raton. The pharma boss dropped $14.3 million on a waterfront mansion, following a string of eight-figure deals in the city.
Records show Gonzalez bought the house at 650 Tern Point Circle in Boca Raton’s gated Sanctuary neighborhood from Sanctuary 1 LLC, a Florida entity managed by Nishil and Naren Patel.
Candace Friis of the Corcoran Group brought the buyer, and Senada Adžem of Douglas Elliman had the listing.
Gonzalez has been CEO and chairman of Chicago-based AbbVie since it was spun off from Abbott Laboratories in 2012. The drugmaker’s portfolio includes Botox, Humira, Skyrizi, and Rinvoq, all of which are billion-dollar revenue producers, according to published reports. AbbVie reached $54.3 billion in revenue in 2023.
The Patels are father and son investors from New York, according to published reports. Records show Naren Patel also owns a house in Weston that he bought for $975,000 in 2017.
They bought the 0.3-acre Tern Point Circle property for $1.8 million in 2018, according to property records. They completed the nearly 9,000-square-foot mansion in 2022. It has seven bedrooms, nine bathrooms, three half-bathrooms, a pool and a dock, records show.
The Patels have had the mansion on and off the market since 2019, with an asking price ranging from $13 million to $16.4 million, according to Compass.
The Sanctuary is one of the gated communities prized by Boca Raton’s luxury buyers. In February, tech CEO Oleg Movchan dropped $29 million on a waterfront estate in the Sanctuary, setting a price record for residential sales in Boca Raton.
Earlier this month, spec developers Steve and Scott Dingle broke Movchan’s record, buying a waterfront teardown estate in Royal Palm Yacht & Country Club for $36 million. Royal Palm Yacht & Country Club, another luxury gated community in Boca Raton, had other big deals close this season. In April, hotelier Mikhail Avrutin sold a spec mansion for $28.5 million, within days of another waterfront spec mansion selling for $26.5 million.
Correction: A previous version of this story had incorrect information about the sellers.