Manalapan spec home sells for $33M

Price was $12M below original ask in 2013

Sep.September 10, 2015 05:15 PM

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.


Related Articles

Christian Angle and 1920 South Ocean Boulevard

Car dealer buys waterfront Manalapan estate for $10M

Daily Digest Miami

Construction worker killed in Hallandale electrocution, developer under contract for site near Fort Lauderdale Brightline

Pam Liebman and Silvia Coltrane

Corcoran courts new dev expert in Surfside, opens fifth office

1675 Lands End Road (Credit: Redfin)

Investor Joseph Imbesi sells Manalapan house

1340 South Ocean Boulevard

Medical device makers sell Manalapan estate for $27M

Daily Digest Miami

Carl Icahn is moving his firm from NY to Miami, Michael Shvo’s hotel plan could cost him $500M: Daily digest

Bill Cunningham and Julian Johnston with the Miami Beach skyline (Credit: iStock)

Top Miami Beach broker joins Corcoran Group amid Miami expansion

Corcoran’s new office and Pam Liebman

Corcoran expands to West Palm Beach