The anticipated development of a luxury residential community in Boca Raton took a major step forward with the closing on 125 acres of equestrian property.

Polo Realty Inc., a Tulsa, Okla.-based company, closed on the sale of the tract Nov. 14. The $83.5 million sale, recorded Monday by Palm Beach County, was to national home-builder Toll Brothers of Horsham, Pa.

The land northeast of Jog Road and Maxwell Drive was owned by the Oxley family of Oxley Petroleum Co., whose founder was an avid polo fan. It was dedicated to equestrian use for decades but has recently been dormant.

The land was unincorporated but in August the project sailed through Boca Raton’s zoning board and was subsequently annexed by the city, its first annexation since 2004.

In October, Toll Brothers announced its plans for Royal Palm Polo, a gated community of 223 estate homes ranging in size from 4,300 to 8,250 square feet with a starting price of $1.2 million.

Toll Brothers said many of the homes will be on lakefront sites requiring the construction of manmade lakes since there is no water body on the land today.

Amenities will include a clubhouse, tennis courts, resort-style swimming pool and fitness center.

Construction of a model will start early next year, and sales are slated to begin in the spring.

The project is adjacent to Azura, a 98-home community also being built by Toll Brothers.