Frank and Dolores Mennella added another trophy to their Palm Beach County home portfolio.
The couple dropped $51.7 million on the 1.5-acre ocean-to-lake Manalapan estate at 1460 South Ocean Boulevard, according to property records. The seller is developer Vivian Dimond, who bought the property for an undisclosed amount in 2024.
Gary Pohrer with Serhant and Christopher Leavitt with Douglas Elliman had the listing. Philip Lyle Smith with Luxury Resort Portfolio brought the buyers. The price amounts to $34.5 million per acre and $2,624 per square foot.
The Mennellas are frequent investors in Palm Beach County luxury real estate. Last year, they spent a record $48 million on a mansion in Jupiter’s gated Bear’s Club community. More recently, they sold another oceanfront Manalapan estate at 1940 South Ocean Boulevard to WeatherTech founder David MacNeil for $68.3 million. In 2023, they sold the ocean-to-lake estate at 1400 South Ocean Boulevard in Manalapan for $48.4 million.
With this latest purchase, their total spend on their current homes in Palm Beach County adds up to $99.7 million.
Dimond heads the Miami-based real estate private equity firm Bayshore Grove Capital. Her other projects include multifamily and luxury condo developments, largely based in Miami Dade County. She bought the Manalapan estate in 2024, after Nigerian oil magnate Onajite Okoloko lost it in foreclosure. Okloko had listed the spec mansion asking as much as $87.5 million.
Dimond completed construction after taking over the project and finished the 19,700-square-foot mansion in 2024, according to the listing. The home has six bedrooms, eight bathrooms, five half-bathrooms, and it includes a salon, a game room, a wellness wing, an indoor pool, an outdoor pool, a tennis court, a 16-car garage and a dock, records and the listing show. The estate also has 172 feet of frontage on both the ocean and the Intracoastal Waterway.
Dimond relisted the estate for $79 million in 2024 and dropped the asking price three times, Zillow shows.
The sale marks the latest pricey deal in Manalapan this season. The enclave has emerged as a hotspot for luxury real estate deals in recent years, drawing buyers who want large estates with both ocean and Intracoastal Waterway access.
In December, billionaire optometrist and inventor Dr. Herbert Wertheim paid $62 million for the nearly 28,000-square-foot mansion at 1160 South Ocean Boulevard.
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