Office Depot CEO Gerry P. Smith has paid $6.7 million for a five-acre, custom-built estate in an exclusive community in Delray Beach, Florida, property records show.
The seller was H. Wayne Huizenga Jr., the eldest son of billionaire entrepreneur H. Wayne Huizenga, founder of Waste Management, Inc. and previous owner of the Miami Dolphins, Florida Panthers and Florida Marlins. The younger Mr. Huizenga bought the property in 2009 for more than $5 million from the developers of Stone Creek Ranch, a gated community of 37 luxury homes, records show.
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At the beginning of this year, the office-supplies chain headquartered in Boca Raton, Florida, tapped Mr. Smith to take the helm. He previously served as chief operating officer at personal computer maker Lenovo Group. He did not immediately return request for comment.
While most of the properties in Stone Creek Ranch sit on a 2.5 acre plot, Mr. Smith’s new home spans double that. The main house is a sprawling seven-bedroom Mediterranean-style mansion packed with amenities, according to the listing with Billy Nash of The Keyes Company.
"The house was custom built and was the largest property in Stone Creek Ranch," he said.
Mr. Nash listed the home in mid-October and landed a buyer within 10 days, a testament to the house as much as to the strong market in South Florida, he said. The sale closed earlier this month.
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The single-story home opens into a dramatic double-height sitting room overlooking the grounds and lake beyond. The center of the house encompasses the formal dining room and an eat-in kitchen with double islands, a breakfast bar and a sunny dining nook.
It covers more than 10,600 square feet, parts of which were recently redone, including a nearly 500-square-foot master bedroom with two bathrooms. There’s also a billiards room with a bar.
Outside, an Olympic-sized pool flanked by 150-foot palm trees sits in the backyard, beyond which is a hot tub, large covered porch with a grill and eating area, and a beach volleyball court.