Patrón CEO sells Manalapan estate for $40M

Offshore entity buys estate featuring frontage on Atlantic and Intracoastal, $1M waterfall and racing simulator

Mar.March 20, 2017 04:00 PM

1370 South Ocean Boulevard. Inset: Edward Brown

Edward M. Brown, the president and CEO of the Patrón Spirits Company, can now pour himself a much-deserved drink.

Property records show Brown sold his 3-acre waterfront estate at 1370 South Ocean Boulevard for $40 million to Borogove Limited, a London-based entity.  No financing was recorded. 

Records filed with Companies House, a U.K. government-run website, shows Dr. Mary Christine Anne Henley, a researcher, controls Borogove.

Brown’s EB ESM31 LLC closed on the sale of the 32,000-square-foot estate, called Casa Brisas, on Thursday, according to Redfin. Jack Elkins of the Fite Group had the listing, while Farid Moussallem of Compass represented the buyer. Both declined to comment on the buyer’s identity.

The nine-bedroom Manalapan mansion features a fireplace, wine room, art gallery, library, gym and spa salon, massage room and yoga terrace. The property, which fronts the Atlantic Ocean and Intracoastal, also includes a new private dock with lifts for a boat and jet skis. Brown told CNBC in January that the home boasts a “man cave” stocked with Patrón, a $1 million waterfall, a $50,000 racing simulator, and a 1,500-square-foot closet in the master suite.

Brown bought the estate in December 2012 for $15.6 million, according to property records and later began a multi-year renovation.

Elkins listed the home in the spring of 2015 for $37.5 million, but said at the time that the price would increase as renovations progressed. In August, it came back on the market asking $48.9 million. It was last listed for $45 million, and sold at an 11 percent discount from that price.

In February, Manalapan saw two big-ticket sales. A doctor who served time in federal prison for tax evasion sold his mansion at 840 South Ocean Boulevard for $21.45 million, and a spec home at 920 South Ocean Boulevard sold for $28 million.

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