The Real Deal Miami

Waterfront Manalapan estate sees 40 percent price cut

By Sarabeth Sanders | January 07, 2010 05:31PM

1880 South Ocean Boulevard in Manalapan

The price of a five-bedroom, six-and-a-half bathroom Manalapan estate that’s been languishing on the market for 18 months has been reduced to just $7.995 million, more than 40 percent from off of its original asking price.

The waterfront home at 1880 South Ocean Boulevard first hit the market in June 2008 at $13.5 million. The price was slashed to $11.5 million the following November, and then to $9.995 million early last year. In September, before the latest price cut, listing broker Nicholas Malinosky of the Corcoran Group told The Real Deal that the property was “priced to move.” Today, he told The Real Deal, “we need to get rid of it… it’s priced to sell immediately.”

Yesterday’s price cut has already generated eight scheduled appointments to see the property, said Malinosky, who is sharing the listing with Randy Ely, also of Corcoran. It features 150 feet of ocean and 150 feet of Intracoastal frontage, a pool, guest house, six-car garage and an elevator. The seller, Ivan Mullenix, founder of St. Louis-based Mullenix, a real estate and development firm, lives in the home six months out of the year.

Malinosky said some of the prospective buyers for the home have been investors, but he’s also had plenty of interest from buyers who want to live in the home.

“Overall we’re 100 percent seeing a lot of movement in high-end over the last six months, so things are looking good, fortunately,” he said.