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Deed: Manalapan mansion fetches $22.11 million

Posted On: 01-28-2015

By Darrell Hofheinz Daily News Real Estate Writer

Built on property sliced from the historic Harold S. Vanderbilt estate, a Manalapan mansion on South Ocean Boulevard changed hands this week for a little more than $22 million. The recorded price was more than $7 million over what the house traded for new in 2011, courthouse records show.

“It shows that the market for oceanfront properties is very strong,” said listing agent Jilly Cammisa of Premier Estate Properties in Delray Beach.

The recorded price on the house at 1100 S. Ocean Blvd. was $22.11 million.

Cammisa acted on behalf of the seller, Texas banking tycoon and philanthropist Donald A. Adam, according to the warranty deed recorded Tuesday by the Palm Beach County Clerk’s office.

The deed lists the buyer as a Florida limited liability company named 1110 South Ocean LLC, which was represented in the purchase by agent Jack Elkins of Fite Shavell & Associates. The limited liability company was registered with the state Jan. 15 and is managed by CW Corporate Services LLC, for which Miami attorney Steven L. Cantor of Cantor & Webb serves as registered agent. The deed listed his law firm’s address on Brickell Bay Drive as that of the buyer.

Cantor said he had no comment. Elkins and Cammisa wouldn’t discuss the parties involved in the sale or specifics of the transaction.

With nine bedrooms and about 20,838 square feet of total living space, the Mediterranean-style house had been listed at $22.495 million and was on the market for about five months before the sale closed.

It stands on property measuring a little more than 1.6 acres with 150 feet of water frontage directly on the ocean and across South Ocean Boulevard on the Intracoastal Waterway.

House built in 2010

The house was completed in 2010 by its developer, a company associated with real estate investor Robert Fessler. Adam, again represented by Cammisa, paid a recorded $15 million for it in September 2011. The house had never been lived in when Adam bought it.

Among its features, the house has a deepwater dock, extensive landscaping, loggias off the living room and family room, a media room, billiards room and swimming pool set into the oceanfront lawn.

In December 2004, Fessler’s company bought the property for $6.2 million from newspaper heir Randolph Apperson Hearst’s cash-strapped widow, Veronica Hearst, who, at the time, owned the former 1929 Vanderbilt mansion, originally named Eastover, at 1100 S. Ocean Blvd. Hearst subdivided the property, selling off 150 feet of oceanfront land to the south, before losing the mansion to foreclosure in 2008.

Fessler has since broken ground on an oceanfront mansion at the northern tip of Palm Beach.

Adam is an entrepreneur who made his fortune in the Texas television cable and banking industries. He expanded his business interests in Florida and became the owner of Cortlandt Farm, a thoroughbred horse-breeding facility in Ocala.

The deed lists Adam’s address in care of The Adam Corp./Group, headquartered in College Station, Texas. He couldn’t be reached Tuesday.

Lawrence Moens & Associates had the property listed in the Palm Beach Board of Realtors MLS when it sold in 2011.

 

Source: Darrell Hofheinz, January 28, 2015, Palm Beach Daily News

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