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Vacant lot in Manalapan sells for $12.45 million

The price is 55 percent more than the previous owner paid for the 1.5-acre lot in 2008
March 25, 2017 10:00AM

1460 South Ocean Boulevard in Manalapan (Source: Zillow)

A foreign business executive bought a vacant lot in Manalapan for $12.45 million, or 55 percent more than the previous owner paid in 2008.

The buyer is a company managed by Onajite Okoloko, a Nigerian business executive who owns a home in Boca Raton. According to his resume, he is the chief executive officer of a fertilizer company called Notore Chemical Industries.

Palm Beach County records also show that Okoloko got a $7.47 million loan from Florida Community Bank on the same day the county recorded the deed for the vacant lot.

Veronica Cudmore, an agent with VLC Property Group, had the listing for the 1.5-acre lot at 1460 South Ocean Boulevard in Manalapan.

The asking price was $12.9 million for the lot, which has 172 feet of ocean and lake frontage.

The seller was Marcon Manalapan LLC, which is managed by an estate planner in Ridgewood, New Jersey, named William Haggerty.

Marcon Manalapan LLC, bought the lot in 2008 for $8 million. [Palm Beach Daily News] Mike Seemuth