Office Depot CEO plunks down $3.7M for Boca Raton pad

Miami /
Feb.February 17, 2014 04:00 PM

Since Office Depot is remaining at its Boca Raton headquarters, CEO Ronald Smith has decided to kick off his shoes and stay awhile.

Smith and his wife bought a recently rebuilt single-family home at 1356 Sabal Palm Drive, nestled on the golf green south of East Camino Real at the Royal Palm Yacht & Country Club for $3.7 million, South Florida Business Journal reported.

Some would consider that a bargain compared to the $4.3 million the seller wanted for the 4-story, 6-bedroom, 10,212-square-foot house. The property features a wet bar, gourmet and summer kitchens, marble floors, a 30-foot pool with a built-in fountain and spa and views of the course. The home was last sold for $2.6 million in 2004.

Agent David Roberts with Royal Palm Properties, the exclusive real estate firm for the club, handled the sale. The club features a marina with concrete docks, a 7,000-square-foot fitness center, croquet pavilion, six tennis courts and the Robert Trent Jones, Sr.-designed golf course that was revamped by famed golfer Jack Nicklaus in 2002.

The purchase comes just a few months after the newly appointed Smith considered moving his company’s 600,000-square-foot headquarters to Illinois after the merger with OfficeMax — a bid that failed because the state couldn’t come through with the necessary tax incentives.   [South Florida Business Journal] — Angela Hunt


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