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Ocean-to-lake Manalapan estate sells for $37M
Property last sold for $32.3M in 2021, includes 150 feet of oceanfront
An ocean-to-lake estate in Manalapan sold for $37 million, a little more than a year after it was purchased for $32.3 million.
Records show a Florida corporation named for the address, and managed by local attorney Maura Ziska, sold the house at 860 South Ocean Boulevard to another Florida entity also named for the address. Clearwater-based attorney Alan Gassman signed on behalf of the buyer.
The seller’s entity lists a mailing address in Irvine, California. The buyer’s company is managed by Wyoming-based Recluse Properties LLC. Both the seller and buyer are unknown.
Gary Pohrer of Douglas Elliman represented both sides of the deal. He did not immediately respond to a request for comment.
Records show the seller paid $32.3 million for the 1.6-acre estate in December 2021. The property includes a 7,500-square-foot, five-bedroom, six-bathroom and one half-bathroom main house, and a one-bedroom, one-bathroom, one half-bathroom guest house, records and the listing show. Both were built in 2004, records show.
The property extends from the Atlantic Ocean to the Intracoastal Waterway, with 150 feet of waterfront on either side, the listing shows. The property’s lakefront side includes a private dock. The estate also has a tennis court, golf course, pool, and home theater, according to the listing.
The estate was first listed for $45 million in March of last year, and the asking price dropped to $39.5 million in February, Redfin shows. The latest sale falls $8 million, or 18 percent, under the initial listing price; and marks $4.8 million, or 15 percent, in price growth from the previous purchase price.
Prices for oceanfront estates in Manalapan have boomed in recent years, fueled by the influx of luxury buyers during the pandemic. Sales of multi-acre compounds that often span from the oceanfront to the lake have set price records, most notably billionaire Oracle co-founder Larry Ellison’s $173 million purchase of a 16-acre Manalapan estate that holds Florida’s residential price record.
In January, a health care boss bought a 1.8-acre ocean-to-lake Manalapan estate for $48.4 million. That was a steep discount from its initial asking price of $75 million. A private equity honcho bought a waterfront Manalapan spec home for $10.5 million in December. Hedge funder Paul Saunders sold his 2.2-acre oceanfront estate for $90 million in December 2021.