The Real Deal Miami

Billionaire Jeff Greene picks up Manalapan estate

Greene, the only qualifying bidder, paid close to $7M for 2.4-acre site

April 14, 2015 12:00PM

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4020 South Ocean Boulevard and Jeff Greene

4020 South Ocean Boulevard and Jeff Greene

Palm Beach billionaire Jeff Greene has added a Manalapan mansion to his extensive property portfolio after he reportedly placed the winning bid on the home in a forced auction.

The real estate tycoon purchased the waterfront estate, which was built in 1957, for $6.89 million. He was the only bidder, according to the Palm Beach Post.

It was previously owned by former Delray Beach radio personality Kenneth W. Brown, who was sued by the SEC in 2005 for inappropriately profiting from clients. Brown filed for bankruptcy in 2013, and a court set the opening bid at $6.5 million for his 6,382-square-foot home at 4020 South Ocean Boulevard, the Palm Beach Post reported.

The auction was held by Fisher Auction Co. on Wednesday. Lamar Fisher, president and CEO of the company, told the newspaper that Greene was the only bidder to qualify — despite a large amount of interest in the home.

The 2.5-acre double-lot property, which stretches from the Intracoastal Waterway to the ocean, had previously been on the market for $10.5 million. Brown paid $2.55 million for the property in 1999, according to Palm Beach County property records.

Brown was the host of the Money Talk Radio show on WSBR-740 AM. He told the newspaper that he was wrongly convicted and that the final bid on his house was too low.

Greene has recently been buying and selling huge plots of industrial property in Palm Beach County, and has reportedly spent more than $250 million on real estate in the area.

He also grabbed national headlines when he listed his Beverly Hills estate for a whopping $139 million — more than five times what he paid for the 25-acre property in 2007.

Manalapan has been a hot market for real estate over the past year, with roughly $80 million in properties being traded and celebrities like Billy Joel picking up homes in the area. [Palm Beach Post]Sean Stewart-Muniz