Billionaire Michael Dell’s investment in Boca Raton’s luxury real estate is attracting wealthy buyers, with roughly 40% of its condos already sold, even though the project only went public a few months ago, according to the Post.
For a resort that opened in 1926, selling homes on its own grounds is a new kind of business.
The first homes on resort grounds
The 75 residences sit at 501 E. Camino Real. They are the first homes the century-old resort has ever sold on its property, which marks a real change for a luxury resort that has mostly rented rooms by the night. Wealthy buyers are already interested in the project, with about 40% of the units already claimed, a project representative told the outlet.The cheapest unit now lists at $8.95 million. Larger homes with three to five bedrooms cost more than $20 million. Earlier figures look low by comparison. Bloomberg first reported a starting price of $4 million, and a May sales announcement put the floor at $5 million. The entry price has more than doubled from that first figure. The luxury condos include terrace units, penthouses and three villas. Each villa has its own garden, plunge pool and outdoor kitchen.
Owners also get butler service at home, along with childcare and pet care.The perks do not end there. The building has a rooftop pool with cabanas, a spa with a hammam and thermal suites, a gym with a Pilates studio and a golf simulator. A card room and a residents’ lounge with a bartender round things out.“Homeowners will enjoy a highly amenitized lifestyle serviced by the resort, which includes 45,000 square feet of private indoor and outdoor amenities and a one-of-a-kind Residential Club Membership that extends to owners’ parents and children,” Sabrina Gleizer, a partner at developer BDT & MSD Partners, told the outlet.
According to her, the project is “a truly unique offering”.
The family membership is the real prize
The perks of owning these condos seem never-ending. Ownership comes with a new top-tier resort membership. This membership covers relatives of condo owners, from grandparents to grandchildren, and stays with the home. When a buyer sells the unit, they pass the membership on to the next owner. Now, that’s the real deal. While many buyers would appreciate the pools and butlers, many more will care about being able to bring the whole family into the club.
A resort with a long history
The resort first opened in 1926 and was designed by architect Addison Mizner. It now has about 1,000 rooms across five hotels, plus a beach, golf course, marina, spa and tennis courts. According to Forbes, it is the only quadruple five-star resort in the Americas.Dell’s MSD Partners bought the property for $875 million in 2019. It later merged with Byron Trott’s BDT & Co. Together, they spent about $375 million on upgrades and secured a $1 billion refinancing.
The renovations and upgrades are clearly visible. The famously pink main building is now beige, and the New York team behind Carbone runs the restaurants. Rooms can now cost more than $1,000 a night.The city council approved the eight-storey building in March, and construction is due to start late this year. The project is scheduled for completion in 2029. Hart Howerton is the architect responsible for the exterior design.
The firm will use ivory stucco, shell stone and bronze accents to elevate the building. Pembrooke & Ives handled the interiors, with a nod to Mizner.Each unit will have terraces 12 feet deep, full-height glass, white oak, marble and kitchens fitted with Sub-Zero, Wolf and Cove appliances.The resort sits near Royal Palm Yacht & Country Club, a gated community just south of it. Travis Kelce reportedly rented a six-bedroom, $20 million mansion there during the 2025 off-season for about $100,000 a month.
Taylor Swift, who is now his wife, has joined him.Another home in that community, a spec mansion, sold for $75 million in May, setting a Boca Raton record. Actor Kevin James bought a $17.15 million house there earlier this year. Against those prices, $9 million looks like a manageable entry point for a certain kind of buyer.