Billionaire Randal Kirk found a buyer for his oceanfront Manalapan mansion after a $44 million price cut.
The contract is one of the 22 buyers signed between Jan. 5 and Jan. 12 for luxury properties in Palm Beach County, according to Douglas Elliman’s Eklund-Gomes team. The homes that went pending last week total $246.1 million in asking dollar volume and averaged 159 days on the market.
The report tracks signed contracts for single-family homes and condos asking $3 million or more in the Beaches MLS. It identified 56 new listings, and 1,212 active listings on the market.
Of the properties that went pending last week, 20 were single-family homes, and two were condos. The average asking price for the condos is $6.7 million, or $1,595 per square foot. They spent an average of 225 days on the market.
The average asking price for the single-family homes is $11.6 million, or $1,844 per square foot, and they spent an average of 92 days on the market.
The most expensive home to find a buyer was Kirk’s 15,500-square-foot mansion at 820 South Ocean Boulevard in Manalapan asking $90 million.
Kirk is the executive chairman of private equity firm Third Security and has a net worth of $1.6 billion, according to Forbes.
He bought the ocean-to-lake estate for $25.5 million in 2011, property records show. The compound was built in 2007 on 2.3 acres and includes a main house, a guest house, two pools, a tennis court and a dock. It spans 215 feet of beach frontage. The home includes nine bedrooms, 16 bathrooms, three half-bathrooms, a theater, spa facilities, a gym and a wine room, the listing shows.
Kirk listed the estate for $134 million in September, Zillow shows. He pulled it from the market and relisted it this month for $90 million. Margit Brandt with Premier Estate Properties has the listing.
The next priciest contract last week was for the 5,500-square-foot home at 210 Wells Road in Palm Beach asking $24.9 million.
Records show the seller is electronics mogul Gregory Borchardt, whose grandfather founded Recoton, one of the largest distributors of consumer audio and video equipment in the 1980s and 1990s. He is also president and CEO of Consolidated Electronic Distributors Corporation, which specializes in marine electronics, and the co-founder of Caerus Ventures.
Borchardt renovated the home in 2024 and listed it for $26.9 million that year, Zillow shows. The price was dropped twice last year. Christian Angle with Christian Angle Real Estate has the listing.