WISE J085510.83-071442.5 (hereafter, WISE 0855-07) is the coolest Y dwarf known to date and is located at a distance of 2.31 +/- 0.08 pc, giving it the fourth largest parallax of any known star or brown dwarf system. We report deep z-band observations of WISE 0855-07 using FORS2 on UT1/Very Large Telescope. We do not detect any counterpart to WISE 0855-07 in our z-band images and estimate a brightness upper limit of AB mag > 24.8 (F. < 0.45 mu Jy) at 910 +/- 65 nm with 3 sigma confidence. We combine our z-band upper limit with previous near-and mid-infrared photometry to place constraints on the atmospheric properties of WISE 0855-07 via comparison to models which implement water clouds in the atmospheres of T-eff < 300 K substellar objects. We find that none of the available models that implement water clouds can completely reproduce the observed spectral energy distribution of WISE 0855-07. Every model significantly disagrees with the (3.6 mu m/4.5 mu m) flux ratio and at least one other bandpass. Since methane is predicted to be the dominant absorber at 3-4 mu m, these mismatches might point to an incorrect or incomplete treatment of methane in current models. We conclude that (a) WISE0855-07 has Teff similar to 200-250 K, (b) < 80% of its surface is covered by clouds, and (c) deeper observations, and improved models of substellar evolution, atmospheres, clouds, and opacities will be necessary to better characterize this object.