Teavana founder buys Versailles-inspired estate at huge discount

Once listed at $159M, the 60K sf Hillsboro Beach mansion sold for far less

Andrew Mack and Playa Vista Isle (Credit: Forbes)
Andrew Mack and Playa Vista Isle (Credit: Forbes)

Teavana co-founder Andrew Mack paid $42.5 million for an ornate waterfront South Florida estate, a massive discount from the original $159 million asking price in 2015, The Real Deal has learned.

Developer Robert Pereira sold Playa Vista Isle, previously called “Le Palais Royal,” to Oppornova LLC, a Delaware company, property records show. Concierge Auctions and Ralph Arias of One Sotheby’s International Realty represented the seller of the 60,000-square-foot mansion. The auction, which occurred in November, had 11 bidders, according to a release. The $42.5 million price tag would exclude a buyer’s premium.

Mack and his wife Nancy founded Teavana about 20 years and sold the tea retailer to Starbucks for $620 million in 2012. Andrew Mack’s name appears on corporate records tied to the LLC in Hawaii.

One Sotheby’s said the deal — despite the steep discount — is the most expensive residential sale to close in Broward County. The second-priciest is the $27.5 million sale of 5 Harborage Drive in Fort Lauderdale in 2015.

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The brokerage declined to comment on the sale price or buyer’s identity.

It’s also the priciest residential sale to close in 2018.

The five-acre Hillsboro Beach estate has more than 500 feet of beach frontage, two deep-water yachts, six waterfalls, a pool and Jacuzzi, and a putting green. It has 11 bedrooms, 22 bathrooms, an IMAX home theater, a 3,000-bottle wine cellar, a 20-car garage with tunnel access, chandeliers, and 22-karat gold leaf sprinkled throughout.

Pereira, president of The Middlesex Corp., a contracting firm based in Massachusetts, told the Wall Street Journal that construction cost him more than $100 million. It hit the market in 2014 for $139 million, going up in price the following year, and was de-listed in 2016.

The deal included an adjacent lot that can fit another building, garden or recreational area, according to the release.