Michigan developer pays record $28M for Boca Raton spec mansion
Waterfront sale beats city’s record set in October by same spec builders
Brothers Steve and Scott Dingle, of SRD Building Corporation, sold a waterfront spec mansion in Boca Raton’s Royal Palm Yacht & Country Club for a record $28 million.
The sale marks their second Boca Raton price record in five months.
Records show a trust tied to SRD Building sold the house at 372 East Alexander Palm Road to Frances Moceri. Moceri is the matriarch of the family that owns Moceri Companies, a developer that has built more than 55,000 homes across Michigan, according to its website.
She and her late husband, Dominic Moceri, bought a house on the golf course at the Boca Raton Golf Club for $4.8 million in 2017, property records show.
SRD Building is a prominent spec developer in Royal Palm Yacht & Country Club, a gated waterfront community in Boca Raton that has attracted big name residents, including billionaire lumber heiress Maggie Hardy Knox.
David W. Roberts of Royal Palm Properties represented both the sellers and the buyer in the deal.
SRD Building bought the nearly 0.6-acre property for $7.5 million in 2021, records show. They demolished the house on the site and built a 10,700-square-foot, six-bedroom, seven-bathroom mansion with 124 feet of waterfront. The home also includes three half-bathrooms, a six-car garage, a pool and dock, records and the listing show.
The $28 million sale price beats Boca Raton’s price record set by another SRD Building waterfront spec mansion that sold for $25.6 million in October. That home, also in Royal Palm Yacht & Country Club, broke the Boca Raton price record set in 2021.
Waterfront properties have dominated Boca Raton’s luxury residential real estate market, especially in Royal Palm Yacht & Country Club. While the market has cooled from its pandemic peak, price growth for luxury properties has held.
In November, a married pair of real estate investors sold a waterfront spec mansion in Royal Palm Yacht & Country Club for $18.6 million. They had commissioned SRD Building to construct the house. In July, a carpet mogul bought a flipped spec mansion built by SRD Building for $17.2 million.