Oceanfront mansion in Manalapan sells for $36M

It hit the market for $42M in January

Miami /
Jul.July 13, 2020 10:43 AM
640 South Ocean Boulevard (Credit: Zillow)

640 South Ocean Boulevard (Credit: Zillow)

An oceanfront mansion in Manalapan sold for $36 million last week, property records show.

A trust managed by West Palm Beach attorney Maura Ziska sold the nine-bedroom, 23,187-square-foot compound at 640 South Ocean Boulevard to another trust, managed by City National Bank. Ziska often represents hidden buyers and sellers of high-end homes in Palm Beach and neighboring markets.

The property, which includes guest and staff houses, was recently completed. Lawrence A. Moens of Lawrence A. Moens Associates was the listing broker.

It hit the market for $41.75 million in January. The mansion has 11 full and seven partial bathrooms, a pool, fireplace and wet bar.

The 1.9-acre property last sold in March 2017 for $11 million.

Last year, Fifth Street Asset Management’s founder Leonard Tannenbaum bought the Manalapan estate immediately north for $14.2 million after it was acquired by Goldman Sachs through foreclosure.

The neighboring property immediately south of 640 South Ocean Boulevard is owned by Louis J. Capano Jr., a Delaware homebuilder, who paid $18.5 million for the mansion in 2018.

Manalapan is south of Palm Beach, which has seen a number of record sales during the pandemic. In the second quarter, 106 single-family homes sold in Palm Beach, not including another half a billion dollars worth of properties under contract, according to data from Premier Estate Properties. Brokers say new homes are especially in demand, as buyers from denser markets are looking to relocate immediately.


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