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

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