The Real Deal Miami

Manalapan spec home sells for $33M

Price was $12M below original ask in 2013

September 10, 2015 05:15PM
By Sean Stewart-Muniz

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The home at 800 South Ocean Boulevard in Manalapan

The home at 800 South Ocean Boulevard in Manalapan

A spec home that spent nearly two years on the market in Manalapan has sold for a whopping $33 million.

The home, at 800 South Ocean Boulevard, is a large oceanfront mansion that was built in 2013. It has an incredible 15,163 square feet of air conditioned interior space though its size is normal for the ritzy township of Manalapan and custom finishes by Marc Michaels Interior Design. At the time of sale the home was listed with Jim McCann of the Corcoran Group with an asking price of $34.9 million. A buyer has not yet recorded in Palm Beach County property records.

McCann was unavailable for comment on Thursday, but he wrote this in the home’s listing: “The only brand new direct ocean to Intracoastal residence currently for sale in Palm Beach County.”

MLS data shows the home was first put up for sale shortly after its completion in 2013 for $45 million. The price was chopped two times in 2014 and once more this year to the final ask of $34.9 million.

It was built by developer Patrick Carney, a Palm Beach County resident who was featured in a 2013 Forbes article about the resurgence of spec homes in the housing market. In that article, Carney said he was building spec homes because demand for in the ultra-luxury portion of the market had more demand than supply.

Carney owned the home through his company 800 South Ocean LLC, which is managed by Francis X. Lynch, a lawyer in West Palm Beach.

County records show that the nearly two-acre piece of land, which stretches from the ocean to the Intracoastal Waterway, was picked up by Carney for $5.45 million in 2011.