The Real Deal Miami

Developer pays $17M for beachfront Delray manse

Home was sold for $2.9M under asking price

September 03, 2015 03:45PM
By Sean Stewart-Muniz

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The mansion at 969 South Ocean Boulevard in Delray Beach

The mansion at 969 South Ocean Boulevard in Delray Beach

Craig Menin, a Palm Beach-based real estate developer, has picked up a cozy Mediterranean mansion in Delray Beach.

The home is a located on a 1.4-acre stretch of beachfront land at 969 South Ocean Boulevard. According to its listing with the Corcoran Group, the property was recently reconstructed by local luxury homebuilder Mark Timothy.

Its style is ritzy and opulent. Almost every room has a chandelier, including the oversized chef’s kitchen with custom-glazed cabinetry. The home is full of gold and creamy off-white colors.

Menin, who founded Menin Development in 1985, acquired the 11,462-square-foot home for $17 million through a deed Wednesday, according to Palm Beach County records. The home was first listed for $19.9 million in April, so Menin got a $2.9 million price break.

The seller was 969 South Ocean LLC, managed by Brian Benoit, the CFO of a California company called Private Single Family Office. His LinkedIn page says he specializes in real estate and other private holdings.

The company purchased 969 South Ocean Boulevard for $13.5 million in 2013. Candace Friis of Corcoran was the listing agent for this most recent sale.

Menin Development specializes in commercial acquisitions. In April, a Menin Development affiliate picked up two commercial buildings in downtown Delray Beach for $19.5 million.