A prime parcel of undeveloped land in the exclusive enclave of Manalapan, Florida, has been listed for an astonishing $99 million. This ultra-luxury property offers a rare opportunity to own a significant piece of South Florida coastline, boasting both ocean and Intracoastal Waterway frontage. The listing comes amid a surge of wealthy individuals relocating to Florida, potentially seeking to avoid higher taxes in other states.
Key Takeaways
- A 3.14-acre ocean-to-lakefront property in Manalapan, Florida, is on the market for $99 million.
- The land is situated next to the estate of tech billionaire Larry Ellison.
- The seller is billionaire Jeff Greene, who previously listed the property for a lower price in 2022.
- The area has seen significant real estate activity, with a nearby lot selling for $105 million.
Prime Location and Features
The property, located at 4000 and 4020 South Ocean Boulevard, spans 3.14 acres and offers approximately 235 feet of direct beachfront and 252 feet of Intracoastal Waterway frontage. This coveted ocean-to-lake configuration allows for the potential development of a main residence on the Intracoastal side and a secondary "beach house" on the oceanfront. The land is strategically positioned at the southern tip of Manalapan, offering expansive water views.
A Neighbor to Billionaires
Adding to its allure, the vacant lot is adjacent to the sprawling estate of Oracle co-founder Larry Ellison, who purchased his property for a record-breaking $173 million. The presence of such high-profile neighbors underscores the exclusivity and desirability of the Manalapan area, which has become a magnet for ultra-high-net-worth individuals.
Market Dynamics and Seller’s Perspective
Billionaire Jeff Greene is the seller of the Manalapan property. He had previously listed the combined lots in 2022 for $49.9 million. The significant increase in asking price reflects the escalating real estate values in Manalapan over the past few years. Greene highlighted the rarity of such a large, undeveloped ocean-to-lake parcel, calling it "the last big piece of land like this."
The South Florida real estate market, particularly in areas like Manalapan, has experienced a boom, partly driven by an influx of wealthy residents from states with higher tax burdens. This trend has led to a surge in demand and prices for prime waterfront properties. The recent sale of a nearby 3.5-acre lot for $105 million further illustrates the robust market conditions.
Redevelopment Potential
While the properties currently feature two older houses and outbuildings on the Intracoastal side, they are being marketed as a single parcel ripe for redevelopment. Buyers have the flexibility to construct a custom, luxurious estate, potentially splitting the land into two separate developments. The zoning allows for significant building potential, with the oceanfront side offering the most prominent location for a new mansion.
Sources
- Manalapan lot asks $99M — with Larry Ellison as a neighbor, New York Post.
- Billionaire Jeff Greene asks $99M for property south of Palm Beach, Palm Beach Daily News.