Morris Flancbaum , president of New Jersey custom homebuilder Colts Neck Associates, and his wife Susan Rizzuto , sold their mansion along the Intracoastal Waterway for $22 million.
The 10,538-square-foot home at 250 N.E. Fifth Ave. was purchased by the 250 NE 5th Ave Land Trust, with local attorney Gregory S. Gefen as trustee. It’s not clear who owns the trust. The price for the off-market deal equated to $2,088 per square foot.
It was the seller’s homestead residence.
The home last sold for $16.5 million in 2019, so it gained one-third in value in about two years. The transaction is among the many recent deals that show how much luxury home prices are increasing in Boca Raton as more wealthy people move to the area.
It has seven bedrooms, eight bathrooms, two half-bathrooms, a pool, two docks, marble floors, and second-floor balconies facing the water.
The home was built on the 1.62-acre site in 2008.
