The Real Deal Miami

Nestle distributor lands sweet deal for Boca Raton mansion

Waterfront mansion traded for 37% discount off original ask
By Amanda Rabines | May 04, 2018 01:40PM

750 Lake Drive and Delco Development’s William T. Juliano (Credit: Redfin and Delco Development)

The head of Nestle’s coffee and tea distributor in the U.S. just picked up a waterfront mansion in Boca Raton.

Michel Jacober, co-founder and co-owner of custom beverage maker Allen Flavors Inc., paid $12 million for the mansion at 750 Lake Drive, property records show.

At 16,300 square feet, the deal breaks down to about $740 per square foot. The seven-bedroom home features 150 feet of water frontage, a yacht slip that fits a 120-foot vessel and an infinity pool. It was built in 2001.

Records show Jacober bought the home from a company led by William T. Juliano of the real estate firm Delco Development. It last sold in 2006 for about $8.7 million.

The house hit the market in 2009 for $18.9 million or $1,160 per square foot, which comes out to a 37 percent difference to the selling price. It was last on the market for $12.95 million, according to Redfin. Joseph Liguori, Carmen N. D’Angelo Jr. and Gerard Liguori of Premier Estate Properties represented the seller. RE/MAX Properties brought the buyer.

In December, Todd Roberti, head of a New Jersey healthcare company Premier Healthcare Exchange, and his wife, paid $8.45 million, or $1,000 per foot, for a newly completed home also in Boca Raton.