Hillsboro Beach estate listed for sale at $139 million

September 16th, 2014

By Paul Owers Sun Sentinel

3:37 p.m. EDT, September 4, 2014

If $139 million is burning a hole in your pocket, you might consider a castle that hit the market Thursday in Hillsboro Beach.

Le Palais Royal, a more than 60,000-square-foot estate under construction at 935 Hillsboro Mile, is one of the nation’s highest-priced homes currently for sale.

It’s owned by a land trust whose trustee is Robert N. Jacobson, Broward County property records show. The beneficiary of the trust is Robert W. Pereira, president of The Middlesex Corp., a construction company based in Massachusetts. Pereira did not return a phone call Thursday.

Le Palais has 11 bedrooms, 17 bathrooms, 465 feet of beachfront and the first-ever IMAX theater contracted for private use, according to the Coldwell Banker listing firm.

Other features include a 492-foot private dock that can accommodate a 185-foot yacht; an underground garage for more than 30 cars; a 4,500-square-foot pool; six waterfalls; and a $2 million marble staircase. The listing includes the lot next door at 939 Hillsboro Mile.

The home has been under construction for seven years, but the owner has had a change of plans and decided to put it on the market now, Coldwell Banker agent William P.D. Pierce said.

Construction is expected to be complete in late 2015.

“The new potential buyer will have the chance to do some personalization,” he said.

Fort Lauderdale real estate agent Stephen B. McWilliam is skeptical of the $139 million price tag.

“They may be creating a monster of an estate, but you have to find a buyer that shares that valuation,” McWilliam said.

Earlier this year, a trust bought a home at 927 Hillsboro Mile for $17 million — the highest price ever paid in Broward, according to the property appraiser’s office.

In 2008, Russian billionaire Dmitry Rybolovlev spent $95 million on a mansion at 515 N. County Road in Palm Beach owned by Donald Trump.

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