Delaware home builder buys Manalapan mansion for a discounted $18.5M

Beachfront estate hit the market last year for $26.5M

700 South Ocean Boulevard
700 South Ocean Boulevard

UPDATED March 26, 3:35 p.m.: A Delaware home builder just paid $18.5 million for a beachfront mansion in Manalapan, property records show.

New York-based Steven Oliveira, a biotechnology investor, and his wife Bernadette Oliveira sold the five-bedroom, 9,000-square-foot home at 700 South Ocean Boulevard to Louis J. Capano Jr. of LC Homes.

Pascal Liguori of Premier Estate Properties was the listing agent. The property hit the market in January 2017 for $26.5 million, marking a 30 percent difference between the original ask and the closing price. The price was reduced in October to $24.5 million.

The ocean-to-Intracoastal estate was built in 2012 by luxury home builder Mark Timothy and designed by Affiniti Architects, according to the listing. It includes an infinity pool, boat dockage and basketball court.

Capano purchased the home through a trust in his name. He heads LC Homes, a Wilmington, Delaware-based development firm that has built more than 3,000 single-family homes, townhouses and condos statewide, according to the company’s website.

Sign Up for the undefined Newsletter

The Olivieras paid $5.85 million for the 1.57-acre Manalapan property in 2010.

Earlier this year, Wexford Capital co-founder Charles Davidson sold the nearby mansion at 900 South Ocean Boulevard to an investment firm for $24 million.

Correction: A previous version of this story had an incorrect photo and occupation for the seller.