A sprawling 4-acre ocean-to-Intracoastal property in Manalapan, Florida, has undergone a dramatic price reduction, now asking $75 million. This significant price cut comes after the estate was initially listed for a staggering $285 million with pre-approved plans for what would have been the most expensive new-construction home in the United States. The shift in pricing reflects evolving market dynamics and a strong buyer preference for land over pre-designed luxury residences.
Key Takeaways
- A 4-acre Florida property, once listed for $285 million, is now available for $75 million.
- The estate is adjacent to the Florida compound of Oracle co-founder Larry Ellison.
- The reduced price is for the land only, catering to buyer demand for custom-built homes.
- Manalapan is experiencing a surge in ultra-wealthy residents seeking privacy and large estates.
A Dramatic Price Adjustment
The property, located at 1960 South Ocean Blvd., was initially marketed with approved plans for a 55,000-square-foot mansion, complete with amenities like a shooting range, bowling alley, and car museum. However, feedback from potential buyers indicated a stronger interest in acquiring the prime land itself, allowing them to design and build their own bespoke residences.
"Each one of those buyers always asked us, would they consider just selling the land?" stated Nick Malinosky of Douglas Elliman, who represents the seller, developer and former Manalapan Mayor Stewart Satter. This buyer feedback led to the pivot to a land-only offering.
Prime Location and Buyer Demand
Manalapan has become a highly sought-after enclave for the ultra-wealthy, attracting individuals drawn to its privacy, large parcels, and low-tax environment. The area has seen significant investment from billionaires, including Larry Ellison, who recently acquired the Eau Palm Beach Resort & Spa. The proximity to Ellison’s own expansive estate makes this property particularly attractive.
Malinosky noted that "ultra-wealthy buyers have made making waves in the Palm Beach County enclave since 2020, as more people sought to settle in the low-tax Sunshine State full-time." He added that "Ninety percent of the homes that are on the Intracoastal or the ocean, they’re very substantial, massive properties."
Customization Over Pre-Designed Luxury
The decision to offer the land separately acknowledges that high-net-worth individuals often have specific needs and preferences for their residences, including dedicated staff and unique amenities. The original plans, developed in partnership with RWB Construction Management, Marc-Michaels Interior Design, and architect Choeff Levy Fischman, are still available should a buyer wish to proceed with the pre-designed mega-mansion.
This strategic adjustment in the listing strategy aims to capture a broader segment of the luxury market, emphasizing the unparalleled location and the opportunity for buyers to create their ultimate dream estate in one of Florida’s most exclusive coastal communities.
Sources
- Lot next to Larry Ellison’s home in Florida asks $75M, New York Post.
- South Florida luxury oceanfront land next to Larry Ellison’s home hits market for $75M, Fox Business.
- See pics of a Caribbean-style home priced at $18.5M in Palm Beach, Palm Beach Daily News.