Updated Oct 2, 2026
SOLDSingle Family
Karen And Salvatore Calvino Sell Waterfront Estate For $22.5M In Boca Raton, FL
2989 Spanish River Road
$22,500,000
$1,875/SF
Building Size
12,000 SF
Asset Type
Single Family
Closing
Sep 30, 2026
About this deal
AI
The property asset involved in this transaction is a single-family home located at 2989 Spanish River Road in Boca Raton, FL. The estate boasts a sale price of $22,500,000, with a total area of 12,000 square feet, resulting in a price per square foot of $1,875.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $22,500,000
- Address: 2989 Spanish River Road
- Market: Boca Raton, FL
- Seller: Karen & Salvatore Calvino
- Brokers: Matthew Moser & Nicholas Gonzalez - Serhant
- Square Footage: 12,000
- Price per Square Foot: $1,875
Salvatore and Karen Calvino sold their waterfront estate to an LLC, marking a significant increase from the $7 million they invested in the property in 2020. Following this transaction, the Calvinos purchased another waterfront home at 2914 N. Flagler Drive in West Palm Beach for $20 million.
On the Map
$22,500,000
$1,875/SF
Single Family
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Players
Boca Raton Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Deal FAQ
About $1.9K per square foot on a published $22.5M for 12,000 square feet (2026).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93