Wealthy buyers continue to seek the oceanfront estates in Manalapan.
Ralph and Mary Gesualdo bought the waterfront Manalapan mansion at 1920 South Ocean Boulevard for $10.3 million. South Ocean Living LLC, managed by Francisco Gonzalez, sold the property.
The estate totals 8,706 square feet, equating to a sales price of $1,183 per square foot, records show.
The home has eight bedrooms and nine-and-a-half bathrooms with a reception room, dining room, formal living room with a fireplace and an oversized family room. The property has a loggia and terrace with a fireplace, a swimming pool, a summer kitchen and barbeque overlooking the Intracoastal Waterway and private dock, according to a listing on Redfin.
Ralph Gesauldo was formerly president of Milwaukee-based International Autos Group, a group of car dealerships in Illinois, Wisconsin and Indiana.
The property last sold for $11.8 million in 2014. The house was built in 2004.
Christian Angle of Christian Angle Real Estate represented the buyer and the seller in the deal.
The Gesauldos also own a home in Lantana at 221 North Atlantic Drive, according to property records.
Manalapan, located between the Intracoastal and the Atlantic Ocean, has some of the priciest homes in South Florida. The entire town of Manalapan (about 10 miles south 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 2019, a member of the family that founded General Motors paid $5.17 million for 8,677-square-foot house on Lands End Road.
In September, the founders of a medical supply company sold their 2.3-acre waterfront Manalapan estate for $27 million.