Developer sells Manalapan spec manse for $25M, way below ask

1400 South Ocean Boulevard
1400 South Ocean Boulevard

A Palm Beach developer and businessman just sold a beachfront spec mansion in Manalapan for $25.2 million, a significant difference from the $38.5 million asking price.

Palm Beach County records show a company controlled by venture capitalist Stewart A. Satter sold the 16,000-square-foot estate, which has close to 205 feet of ocean frontage, beach access, entertaining patios with lawn areas, a courtyard, pool deck, and a 1,234-square-foot guest house.

The buyers are Frances A. Mennella and Dolores Mennella. Frances Mennella leads a natural gas distribution company in Pennsylvania, according to Virtual Globetrotters, a website that tracks celebrity homes. They financed the deal with a $13.25 million mortgage from UBS.

Satter, of Carnegie Hill Development Corporation, is a partner at venture capital firm City Light Capital, as well as the CEO of Consumer Testing Laboratories, according to City Light’s website. He bought the Manalapan property in 2010 for $6.8 million.

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Satter hired Pascal Liguori & Son to list the 1.85-acre estate when it was completed in January. It has seven bedrooms and 11 bathrooms. The Benedict Group designed the two-story home, and Dale Construction built it.

Nearby, the mansion at 1370 South Ocean Boulevard hit the market in February for $37.5 million with listing agent Jack Elkins. It also fronts the Atlantic Ocean and Intracoastal.

Check out more photos of the property at 1400 South Ocean Boulevard below: