A nearly two-acre, lake-to-ocean homesite in Manalapan, Florida, has sold for $30 million in an off-market transaction. The property was owned by an entity managed by auto dealer Ralph Gesualdo, who purchased it for $7 million in 2015. The buyer’s identity remains undisclosed, underscoring the island’s appeal to privacy-seeking wealthy buyers.
Key takeaways
- MGM Designs LLC sold the property at 1820 South Ocean Boulevard for $30 million.
- The site spans from the Intracoastal Waterway to the Atlantic Ocean.
- The property’s latest asking price was $35 million.
- Its value has increased more than fourfold since 2015.
- The buyer is linked to Palm Beach attorney Maura Ziska, but the ultimate purchaser is unknown.
The transaction highlights the accelerating value of large, private parcels in Manalapan, an exclusive barrier island south of Palm Beach. Local broker Jack Elkins described the community as the “next billionaire’s bunker,” citing its seclusion, limited inventory and concentration of high-net-worth residents.
A decade-long investment pays off
Gesualdo’s MGM Designs acquired the property from former investment banker Robert Steinberg for $7 million. Eleven years later, the $30 million sale represents a gain of roughly $23 million, before transaction costs and any development expenses.
The property had been marketed most recently for $35 million. Its 2026 assessed value was approximately $19.1 million, illustrating the premium that rare waterfront land can command in a competitive luxury market.
Development potential remains significant
The homesite covers almost two acres and crosses Ocean Boulevard, connecting the Intracoastal waterfront with the Atlantic shoreline. It is zoned for low-density residential use and includes a 1969 cabana and a boat dock constructed in 1988.
Because parcels with both water exposures are scarce, the property could appeal to a buyer seeking to build a custom compound rather than purchase an existing estate. The off-market structure also limited public visibility into the negotiations and the eventual buyer’s plans.
Billionaire buyers reshape Manalapan
The sale adds to a growing series of major transactions on the island. A neighboring property at 1800 South Ocean Boulevard sold for $25 million last year, while Fox News host Sean Hannity acquired the nearby 1840 South Ocean property for $23.5 million two years ago.
Gesualdo also sold his residence at 1920 South Ocean Boulevard to WeatherTech founder David MacNeil in July for $36 million. Oracle co-founder Larry Ellison has made an even larger investment, paying $173 million for a 16-acre compound in 2022 and later purchasing another nearby 2.2-acre property for $34.4 million.
Together, these deals signal continued demand for expansive, highly private estates in Manalapan, where limited land and prominent neighbors are helping drive prices higher.
Sources
- Lake-to-Ocean Homesite in Manalapan Sells for $30 Million, The Real Deal.