Connecticut hedge funder buys Manalapan estate

A Greenwich, Connecticut hedge funder and his wife bought a waterfront Manalapan estate for $5.5 million, almost 10 percent below its last asking price.

Rich and Eileen Tang purchased the 7,733-square-foot home at 1405 Lands End Road for $714 per square foot, records show. The Tangs bought the home from Thomas Donino and his wife Loren.

The Doninos bought the property for $6.1 million in 2008, the same year the six-bedroom, seven-bathroom home was built. The house also has a pool overlooking the Intracoastal Waterway. The property was originally listed for $6.9 million in 2017.

Jack Elkins with William Raveis South Florida represented the seller in the deal, and Corcoran Group represented the buyer, according to Realtor.com.

Rich Tang works for Element Capital Management, according to media reports. Tang was previously the head of North America sales at Royal Bank of Scotland Group’s securities group and left in 2014.

Thomas Donino was formerly the co-head of U.S. equities at New York-based First New York Securities.

Manalapan is home to some of the most expensive homes in South Florida. A number of celebrities and billionaires have bought homes there, including motivational guru Tony Robbins, New Age musician Yanni, boxing promoter Don King and Billy Joel.