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The Real Deal Miami

South Florida doctor convicted of tax evasion sells Manalapan mansion for $21M

Waterfront estate hit the market in 2015 for $25M, relisted in December with Chad Carroll
By Katherine Kallergis | February 24, 2017 04:31PM

840 South Ocean Boulevard. Inset: Listing agent Chad Carroll

A South Florida doctor who served time in federal prison for tax evasion just sold his Manalapan mansion for $21.45 million.

Krishna Tripuraneni and his wife Nirmala Tripuraneni sold their waterfront six-bedroom, 12,244-square-foot estate at 840 South Ocean Boulevard, according to listing agent Chad Carroll. Tripuraneni was sentenced to two years in federal prison in April 2015 for hiding his $18 million income from the IRS, the Sun Sentinel reported at the time. He is no longer in prison.

Carroll, of Douglas Elliman, told The Real Deal the buyers are from the Northeast but declined to name them. The deal closed on Thursday, less than two months after he took over the listing, he said.

The property, named “Nirvana,” features a private dock on the Intracoastal Waterway that fits a 130-foot dock and an oceanfront beach. It includes a spa with a steam room and sauna, home theater, library, gym, tennis court, and a dance club with lighted flooring. “Nirvana” was also blessed by Buddhist monks from Thailand, and features a zen garden and prayer room.

Records show the Tripuranenis paid $6.5 million for the 1.58-acre property in 2004. The home, built in 2008, hit the market in February 2015 with Senada Adzem, also with Douglas Elliman. Carroll said he relisted it at the end of December for $23.995 million. “When we took over the Nirvana listing, I knew we had to market the property in a different way,” he said in a statement, adding that he put “a cutting-edge spin” on the estate’s imagery and promotional videos.

Carroll told TRD that sales activity in Manalapan has picked up as of late. This month, a spec home at 920 South Ocean Boulevard sold for $28 million. Carroll said he has $70 million of inventory in Palm Beach that will be sold within six months.