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Former Pope mansion at 1370 S. Ocean in Manalapan sells for $12 million

Posted On: 02-27-2010

Former Pope mansion at 1370 S. Ocean in Manalapan sells for $12 million

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Daily News Staff Writer

Saturday, February 27, 2010


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Once marketed as the world's most expensive 'spec' house, it changed hands several times over a decade.
 

 

One of Manalapan's most prominent mansions — once owned by Lois and the late Generoso Pope and later marketed by developer Frank McKinney for $30 million as the world's most expensive "spec" home — has sold for $12 million, according to a listing posted Friday by the Regional Multiple Listing Service.

After changing hands several times in the past decade, the 3-acre property at 1370 S. Ocean Blvd. sold for a deeply discounted price compared to what it brought last June, when it sold for $22.45 million, said a statement released Friday by Manalapan real estate agency Engel & Völkers, which represented the buyer, MGM Designs LLC of Illinois.

Real estate agents Bunny Hiatt and Jack Elkins of Engel & Völkers would not discuss specific details of the transaction, citing confidentiality agreements.

The 32,000-square-foot home with 300 feet of oceanfront was sold by Germantown-Seneca Joint Venture, a Maryland-based general partnership with a post office box in St. Petersburg.

Germantown-Seneca Joint Venture had acquired the 72-room house in June from homeowners Peter S. and Tamara A. Lowe for an amount almost equal to existing Bank of America liens on the property, according to Palm Beach County tax records.

Carole Hickman of Sotheby's International Realty represented the seller and had listed the property at $17.9 million. She confirmed the sales price but said she couldn't provide details because of confidentiality agreements.

In December, the house had an appraised market value of $20.2 million, according to Palm Beach County Property Appraiser's Office records.

In 1999, McKinney bought the property for $15 million from Lois Pope, whose late husband founded The National Enquirer. McKinney spent $6 million remodeling the house, which he sold for $27.5 million in November 2000 to the Binky Revocable Trust for homeowner Daniel Gittleman.

In July 2004, McKinney's company took back the property's title for $19 million, with Hiatt and Elkins representing the seller.

Two months later, McKinney's company sold the estate for $22.4 million to the Lowes, motivational speakers who head Success Events International.

Hiatt and Elkins represented McKinney in that transaction.

A warranty deed on the most recent sale was filed Thursday, according to Engel & Völkers' statement, but the deed had not been posted in the county clerk of courts' Internet records by late Friday afternoon.

Source: Darrell Hofheinz, Daily News Staff Writer, Palm Beach Daily News, Saturday, February 27, 2010

http://www.palmbeachdailynews.com/biz/content/business/2010/02/27/Mansion0227.html

 

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