AbbVie CEO Richard Gonzalez is the latest heavy hitter to buy in Boca Raton. The pharma boss dropped $14.3 million on a waterfront mansion, following a string of eight-figure deals in the city.
Records show Gonzalez bought the house at 650 Tern Point Circle in Boca Raton’s gated Sanctuary neighborhood from Sanctuary 1 LLC, a Florida entity managed by Nishil and Naren Patel.
Candace Friis of the Corcoran Group brought the buyer, and Senada Adžem of Douglas Elliman had the listing.
![Luxury Boom: AbbVie’s Richard Gonzalez Latest to Buy in Boca](https://static.therealdeal.com/wp-content/uploads/2024/05/Luxury-Boom-AbbVies-Richard-Gonzalez-Latest-to-Buy-in-Boca_Main3.jpg)
Gonzalez has been CEO and chairman of Chicago-based AbbVie since it was spun off from Abbott Laboratories in 2012. The drugmaker’s portfolio includes Botox, Humira, Skyrizi, and Rinvoq, all of which are billion-dollar revenue producers, according to published reports. AbbVie reached $54.3 billion in revenue in 2023.
The Patels are father and son investors from New York, according to published reports. Records show Naren Patel also owns a house in Weston that he bought for $975,000 in 2017.
They bought the 0.3-acre Tern Point Circle property for $1.8 million in 2018, according to property records. They completed the nearly 9,000-square-foot mansion in 2022. It has seven bedrooms, nine bathrooms, three half-bathrooms, a pool and a dock, records show.
![Luxury Boom: AbbVie’s Richard Gonzalez Latest to Buy in Boca](https://static.therealdeal.com/wp-content/uploads/2024/05/Luxury-Boom-AbbVies-Richard-Gonzalez-Latest-to-Buy-in-Boca_Main2.jpg)
The Patels have had the mansion on and off the market since 2019, with an asking price ranging from $13 million to $16.4 million, according to Compass.
The Sanctuary is one of the gated communities prized by Boca Raton’s luxury buyers. In February, tech CEO Oleg Movchan dropped $29 million on a waterfront estate in the Sanctuary, setting a price record for residential sales in Boca Raton.
Earlier this month, spec developers Steve and Scott Dingle broke Movchan’s record, buying a waterfront teardown estate in Royal Palm Yacht & Country Club for $36 million. Royal Palm Yacht & Country Club, another luxury gated community in Boca Raton, had other big deals close this season. In April, hotelier Mikhail Avrutin sold a spec mansion for $28.5 million, within days of another waterfront spec mansion selling for $26.5 million.
Correction: A previous version of this story had incorrect information about the sellers.