Medical entrepreneurs want $44M for their Manalapan mansion

1340 South Ocean Boulevard
1340 South Ocean Boulevard

UPDATED October 11 3:48 p.m.: David and Margaret Lumia, two entrepreneurs who enriched themselves in the 1990s by founding a medical manufacturing firm, have put their expansive Manalapan estate for sale at $43.9 million — the fourth most expensive home on the market for the ritzy barrier island.

The two-acre compound at 1340 South Ocean Boulevard has nearly 25,000 square feet of living space spread between a main two-story house on the ocean and a separate guest house. Its grounds span the entire width of the island, housing two tennis courts (one is grass) and a concrete dock on the Intracoastal Waterway. Its asking price breaks down to $1,756 per square foot.

According to listing with broker Jeffrey Ray of Jeffrey Ray LLC, the eight-bedroom, 11-bathroom estate also boasts an infinity edge pool, a two-story man-made rock waterfall, and a three-story open air tower attached to the main home.

County records show the Lumias bought the home in 2008 for $10.25 million and built the guest house, an addition to the main home as well as the swimming pool.

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At the $43.9 million asking price, the Lumias’ home is Manalapan’s fourth-priciest listing. The first is the Ziff family’s massive estate that’s asking $195 million, one of the country’s most expensive homes up for grabs.

David and Margaret Lumia are known for founding medical manufacturing company Excelsior Medical Corp., which produced and sold a plethora of devices like pre-filled flush syringes. The company was acquired by RoundTable Healthcare Partners in 2004 for an unknown amount.

Update to the article was made to reflect changes in the home’s listed square feet, and subsequently changes to the asking price per square foot.