Medical device makers sell Manalapan estate for $27M

The massive 2.3-acre estate was previously listed for $44M

Sep.September 24, 2019 02:30 PM
1340 South Ocean Boulevard

1340 South Ocean Boulevard

The founders of a medical supply company sold their 2.3-acre waterfront Manalapan estate for $27 million, 38 percent below its original asking price.

David and Margaret Lumia sold the property at 1340 South Ocean Boulevard to Villa Del Balbianello LLC, led by Eric Thompson of Towson, Maryland. The property totals 14,418 square feet under air, which equates to a sales price of $1,872 per square foot, records show.

The Lumias bought the property in 2010 for $10.3 million, and then redeveloped it, records show.

Built in 2015, the 24,054-square-foot main house has five bedrooms and nine bathrooms. It also has a guest house with four bedrooms and four bathrooms that totals 5,306 square feet. The property has two tennis courts, a heated infinity edge seaside pool, 2-story rock waterfall, a 3-story open-air tower, and a loggia with a fire pit.

The Lumias first put the expansive Manalapan estate up for sale in 2016 at $43.9 million, ranking it as one of the most expensive listings at the time.

The Lumias made their fortune by founding the medical manufacturing company Excelsior Medical Corp., which produced and sold medical devices such as pre-filled flush syringes. The company was acquired by a private equity firm in 2004 for an undisclosed amount.

Manalapan, located between the Intracoastal and the Atlantic Ocean, has some of the priciest and most desirable residential homes in the country. The entire town of Manalapan (about 10 miles south of the town of Palm Beach) is only about 2.5 square miles and has over 400 residents.

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. In January, a member of the family that founded General Motors paid $5.17 million for 8,677-square-foot house on Lands End Road.

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