Medical device makers sell Manalapan estate for $27M

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

Miami /
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.


Related Articles

arrow_forward_ios
A photo illustration of 2000 South Ocean Boulevard in Manalapan (bottom), 901 North Ocean Boulevard in Palm Beach (top left), and 102 Jungle Road in Palm Beach (top right) (Brown Harris Stevens, LoopNet, Realtor.com, iStock)
Skyrocketing prices: Top 10 Palm Beach County sales so far this year
Skyrocketing prices: Top 10 Palm Beach County sales so far this year
A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
South Florida by the numbers: Local mega listings and sales
South Florida by the numbers: Local mega listings and sales
Larry Ellison and Jim Clark and 2000 South Ocean Boulevard (Getty, Sotheby’s)
Oracle founder Larry Ellison pays $173M for Jim Clark’s Manalapan estate
Oracle founder Larry Ellison pays $173M for Jim Clark’s Manalapan estate
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
2445 South Ocean Boulevard (Ed Butera/IBI Designs, iStock)
Hedge funder drops record $35M for oceanfront Highland Beach estate
Hedge funder drops record $35M for oceanfront Highland Beach estate
Paul Saunders and the house (Google Maps, James River Capital)
Hedge funder sells oceanfront Manalapan estate for over $90M
Hedge funder sells oceanfront Manalapan estate for over $90M
Hartley Peavey and Nobel Gulati with the property (Peavey Electronics, Milken Institute, Premier Estate Properties via YouTube)
Sweet tune: Music instrument maker sells Manalapan estate for $26M
Sweet tune: Music instrument maker sells Manalapan estate for $26M
G. John Krediet and the Manalapan property (LinkedIn via Krediet, Corcoran via Douglas Elliman)
Ocean-to-Intracoastal estate in Manalapan fetches $29M
Ocean-to-Intracoastal estate in Manalapan fetches $29M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...