Developer Michael Cantor sells oceanfront Manalapan estate for $28M
Property has been owned by Cantor family since late ‘80s
Cantor Companies CEO Michael Cantor parted with his oceanfront Manalapan mansion for $28 million.
Property records show Cantor’s 1160 Manalapan LLC sold the 20,075-square-foot estate at 1160 South Ocean Boulevard to a land trust managed by City National Bank of Florida.
The trust financed the purchase with a $20.3 million loan from HSBC Bank.
The Manalapan mansion, with seven bedrooms, nine bathrooms and 2.5 half-bathrooms, sits on a 1.7-acre lot. It has a tennis court, 160 feet of ocean frontage, and another 160 feet of frontage on the Intracoastal Waterway. The estate was built in 1995 and was recently renovated and expanded to include a home gym and spa addition, according to the listing. It’s been on and off the market since 2018, most recently asking $33.9 million in January.
Holly Meyer Lucas of Compass and Douglas Elliman’s Sara Eavenson and Missy McCloskey represented the seller. Casey Flannery of Equestrian Sotheby’s International Realty brought the buyer. Meyer and Flannery each declined to comment.
The property has been in the Cantor family for decades. Michael Cantor’s father, Edward Cantor, paid just over $1 million for the property in 1987.
Edward Cantor founded the New Jersey and Florida-based Cantor Companies in 1952, according to the construction firm’s website.
Ultra luxury home sales in Palm Beach County have exploded in recent months. Last month, the number of new signed contracts for single-family homes priced over $10 million in the county increased by more than 126 percent compared to May of last year, according to a Douglas Elliman report.