Boca Raton's most expensive waterfront property sold for $40M - only for Florida mansion to be knocked down

A waterfront mansion in Boca Raton in Florida has sold for a record $40 million.

But - despite only being built in the 1990s - the buyer plans to tear it down and build a new home in its place. 

It has two outdoor swimming pools and sits on 400 feet of water frontage on the Intracoastal Waterway and a canal.

The property is set over 1.7 acres in the fancy Royal Palm Yacht & Country Club.