Billionaire Jeff Greene picks up Manalapan estate

Miami /
Apr.April 14, 2015 12:00 PM

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


Related Articles

arrow_forward_ios
A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
South Florida by the numbers: Local mega listings and sales
South Florida by the numbers: Local mega listings and sales
Larry Ellison and Jim Clark and 2000 South Ocean Boulevard (Getty, Sotheby’s)
Oracle founder Larry Ellison pays $173M for Jim Clark’s Manalapan estate
Oracle founder Larry Ellison pays $173M for Jim Clark’s Manalapan estate
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
2445 South Ocean Boulevard (Ed Butera/IBI Designs, iStock)
Hedge funder drops record $35M for oceanfront Highland Beach estate
Hedge funder drops record $35M for oceanfront Highland Beach estate
Paul Saunders and the house (Google Maps, James River Capital)
Hedge funder sells oceanfront Manalapan estate for over $90M
Hedge funder sells oceanfront Manalapan estate for over $90M
Developer Jeff Greene and Dalfen Industrial CEO Murray Dalfen with the complex at 1501 Meathe Drive (Dalfen, CBRE)
Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M
Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M
Hartley Peavey and Nobel Gulati with the property (Peavey Electronics, Milken Institute, Premier Estate Properties via YouTube)
Sweet tune: Music instrument maker sells Manalapan estate for $26M
Sweet tune: Music instrument maker sells Manalapan estate for $26M
G. John Krediet and the Manalapan property (LinkedIn via Krediet, Corcoran via Douglas Elliman)
Ocean-to-Intracoastal estate in Manalapan fetches $29M
Ocean-to-Intracoastal estate in Manalapan fetches $29M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...