Georgian venture capitalist sells Manalapan lot for $17M
Seller bought the property for $5M in 1995, then tore down an existing home
A company linked to a Georgian venture capitalist sold a lot in Manalapan that runs from the ocean to the Intracoastal for $17.3 million.
Records show BVI Business Company Monica Sound Limited sold the land at 980 South Ocean Boulevard to 980 S. Ocean LLC, a Florida company managed by attorney Maura Ziska.
The deed lists George Bachiashvili, Ketevan Tskhadadze and Lasha Bakradze as related parties to Monica Sound Limited. Bachiashvili founded San Francisco-based venture capital firm Mission Gate in 2014. According to his LinkedIn, he is also the head of the advisory committee at The Georgian Co-Investment Fund, a private investment fund.
In 1995, Bachiashvili purchased the property for $5 million. Records show he demolished all existing structures in 2001, and has yet to build anything.
The lot was originally listed in 2009 with an asking price of $10.5 million. It was relisted in August 2019 at nearly $20 million and remained at that price. Andrew Thomka-Gazdik of Sotheby’s International Realty represented Bachiashvili, while Vince Spadea Jr. with Douglas Elliman represented the buyer.
The 2-acre property has over 200 feet of Atlantic Ocean and Intracoastal frontage, according to the listing.
Manalapan is a coastal town in South Florida. With only about 400 residents, Manalapan was named the most expensive ZIP code by Forbes in 2016. It has since lost the title to Fisher Island.
In July, an oceanfront mansion in Manalapan sold for $36 million. Other sales this year include the chairman of a New York-based auto group buying an oceanfront lot for $7.9 million, and another car dealer buying a waterfront mansion for $10.3 million. Both sales were on South Ocean Boulevard.