The Real Deal Miami

Country’s second-most expensive mansion will give major tax windfall to Hillsboro Beach

Home's tax bill is expected to reach $300,000 per year

August 09, 2016 03:45PM

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An aerial rendering of the massive La Palais Royal estate at 935 Hillsboro Mile

An aerial rendering of the massive La Palais Royal estate at 935 Hillsboro Mile

Middlesex Corp. founder Robert Pereira is looking to cash in big with the sale of his $159 million home in Hillsboro Beach, known as Le Palais Royale.

But he won’t be the only party profiting from the home in the meantime: Hillsboro Beach is reportedly set to gain a major windfall from property taxes when Le Palais Royale is completed in January.

935 Hillsboro Mile, Hillsboro Beach

Exterior shot of the mansion

According to Gossip Extra, which cited information from Hillsboro Town Manager Robert Kellogg, the home is expected to generate roughly $300,000 in property taxes annually.

That bill alone will push the town’s property valuation up by 10 percent.

Coming in at 65,000 square feet, the 11-bedroom, 17-bathroom manse sits on roughly 4 acres of waterfront land that stretches between the Ocean and Intracoastal Waterway.

The mansion's huge marble staircase

The mansion’s huge marble staircase

It’s jam packed with extravagances: six waterfalls, a $2 million grand marble staircase and $3 million worth of gold leaf. The home also has an underground garage with space for 30 cars, a private IMAX theater with 18 seats, go-kart track, ice-skating rink, bowling alley and nightclub.

Pereira first placed the home on the market when it was still under construction in September 2014, asking $139 million, listed by William P.D. Pierce, who then worked for Coldwell Banker.

ONE Sotheby’s International Realty founder Mayi De La Vega took over in November 2015 with a boosted listing price of $159 million, making it the country’s second-most-expensive home for sale, behind the Ziff family’s massive Manalapan estate that’s seeking $195 million. [Gossip Extra] — Sean Stewart-Muniz