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Manalapan home sells for $25.5 million

Posted On: 10-13-2011

By Darrell Hofheinz

Daily News Real Estate Writer

Updated: 7:35 p.m. Friday, Oct. 14, 2011

Posted: 7:06 p.m. Thursday, Oct. 13, 2011

 

The ocean-to-lake home that Palm Beachers Terry R. and Cynthia E. Taylor bought in 2008 at 820 S. Ocean Blvd. in Manalapan has changed hands for $25.5 million, the price recorded on a statutory warranty deed recorded Wednesday by the Palm Beach County Clerk’s office.

The sale marks the highest recorded price paid for a home in Manalapan in as many as 10 years, according to property records and sources knowledgeable with the area’s housing market.

The buyer was listed on the deed as a limited liability company based in Delaware called RJK (2007) LLC. Agents Susan Wright and Cristina Condon of Sotheby’s International Realty acted on behalf of the buyer.

The seller was identified as a trustee for the “820 South Ocean Boulevard Land Trust Agreement dated as of the 30th day of September, 2011,” according to the deed.

With 225 feet of beach and lake frontage, the Venetian-style compound, completed in 2007, had been listed for sale at $29.95 million by agent Pascal “Pat” Liguori of Premier Estate Properties in Delray Beach.

Citing confidentiality agreements, the three agents involved in the deal said they couldn’t name anyone associated with the buyer or seller or other aspects of the transaction.

Property records show that the Taylors bought the house for about $21.2 million in August 2008 and then carried out a number of improvements at the property. The couple owns Casa Nana, a 1927 home they bought for a recorded $22.2 million in 2003 at 780 S. Ocean Blvd. They own another home at 755 S. County Road.

Terry Taylor made his fortune through auto dealerships.

The Taylors had recently transferred ownership of the Manalapan property via a conveyance deed to Francis B. Brogan Jr., a Fort Lauderdale attorney with Greenberg Trauig who serves as trustee of the land trust named after the property’s address, according to a document recorded Oct. 4 by the county clerk’s office.

Measuring about 2.4 acres, the property’s elevation rises about 20 feet above sea level, according to the sales listing prepared by Liguori, who has sold the property three consecutive times. In all, the house and guesthouse have about 23,500 square feet of living space, inside and out, with a total of nine bedrooms, 11 bathrooms and three half-baths. The exterior amenities include a tennis court, an extensive covered loggia and a state-of-the-art sea wall. The property’s features rival those “at any five-star resort,” Liguori said.

The Manalapan market was “red-hot,” he added, mentioning several significant sales of multi-million-dollar homes there over the past year.

Wright said she was cautiously optimistic about the sale’s implications.

“It seems, and we hope, that this is a harbinger of things to come,” she said.

The house had been originally envisioned as a custom home but was sold as a “spec” house after its developer decided not to live there, Liguori said.

The Taylors bought the house from an entity called 820 South Ocean LLC, which is associated in state property records with Sydra Miller, Florida business records show.

The house replaced another house on the property that had been the home of former Manalapan commissioner Hal Prewitt.

No detailed information about the limited liability company that bought the house was available Thursday in an online search of Delaware’s public records.

 

Source: Darrell Hofheinz, October 13, 2011, Palm Beach Daily News

http://www.palmbeachdailynews.com/business/manalapan-home-sells-for-25-5-million-1912489.html

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