Sweet tune: Music instrument maker sells Manalapan estate for $26M

Buyers Nobel Gulati and his wife also recently bought a Jupiter home for $9M

Miami /
Aug.August 10, 2021 04:32 PM
Hartley Peavey and Nobel Gulati with  the property (Peavey Electronics, Milken Institute, Premier Estate Properties via YouTube)

Hartley Peavey and Nobel Gulati with the property (Peavey Electronics, Milken Institute, Premier Estate Properties via YouTube)

Another oceanfront-to-Intracoastal estate in Manalapan traded for more than $20 million.

A trust managed by music instrument maker Hartley Peavey and his wife Mary sold the couple’s 18,429-square-foot home at 1200 South Ocean Boulevard for $25.7 million.

The buyer in the off-market deal is 1200 South Ocean LLC, an entity managed by Nobel and Ruchi Gulati, records show. Nobel Gulati was previously CEO of Two Sigma Advisors, a New York-based asset management firm, until he stepped down in 2018.

The Gulatis also recently purchased a five-bedroom home in Jupiter for $8.6 million.

The Peaveys bought the 1.5-acre Manalapan lot in 1989 for $1.9 million and completed the two-story mansion in 1997, records show. The property also has a pool, tennis courts, a boat deck and 150 feet of ocean frontage. It was their homestead property.

Hartley Peavey is the founder and CEO of Peavey Electronics, a well-known manufacturer of guitars, keyboard, amplifiers and other musical instruments and equipment.

Manalapan is in the midst of an active sales cycle involving $20 million-plus deals. G. John Krediet, founding partner of Darien, Connecticut-based C.F. Capital Management recently sold a 1.9-acre property at 1780 South Ocean Boulevard for $29.1 million.

Cantor Companies CEO Michael Cantor recently sold his 14,814-square-foot estate at 1160 South Ocean Boulevard for $28 million. A land trust managed by City National Bank bought the seven-bedroom, nine-bathroom mansion.

In March, another Manalapan mansion stretching from the Lake Worth Lagoon to the ocean traded for $26.2 million. The property at 1560 South Ocean Boulevard was sold by a Delaware corporation tied to Dagmar Grossmann of Prague, who co-founded Grossman Jet Service with billionaire oil magnate and co-founder of Czech investment group KKCG Karel Komarek.





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