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Manalapan spec mansion on S. Ocean Blvd. fetches $25 million

Posted On: 07-27-2016

By Darrell Hofheinz

Daily News Real Estate Writer

A new oceanfront mansion developed on speculation at 1400 S. Ocean Blvd. in Manalapan has sold for a recorded $25.2 million.

The seven-bedroom house, known as Villa Oceano Azul, was sold by a Florida limited liability company named 1400 S Ocean LLC. It has 20,712 square feet of living space, inside and out, according to the sales listing prepared by Pascal J. Liguori, a broker associate at Premier Estate Properties of Delray Beach.

The buyers were businessman Francis A. Mennella and his wife, Dolores, according to the deed posted today on the Palm Beach County Clerk’s website. Agents Philip Lyle Smith and Carla Ferreira-Smith of Luxury Resort Portfolio of Delray Beach handed the buyer’s end of the deal, according to records in the regional multiple listing service.

The two-story house and separate guesthouse stand on a lot measuring 1.85 acres with about 203 feet of oceanfront, according to property records. The property also includes a narrow lakefront parcel with the same amount of waterfront on the west side of the coastal road.

The house was developed by Stewart A. Satter, chief executive officer of his family business, Consumer Testing Laboratories, and a partner at City Light Capital in New York City.

After buying the Manalapan property for $6.8 million in December 2010, Satter developed the house with Carnegie Hill Development Corp. It was built by Dale Construction, with interior finishes by Marc-Michaels Interior Design.

The house was listed for sale in January and was last priced at $32.75 million.

In 2013, another Manalapan spec mansion developed by the same team at 1560 S. Ocean Blvd. sold for $16.35 million.

With ties to Boca Raton, the Mennellas have owned a number of properties in the county, courthouse records show. In March, they sold an oceanfront single-family house at 11 Ocean Place in Highland Beach for a recorded $7.65 million. The deed for that transaction listed their address as a 19,300-square-foot home in The Sanctuary subdivision of Boca Raton. That house is owned by a limited liability company managed by Francis Mennella, records show.

 

 

 

Source: Darrell Hofheinz, July 27, 2016, Palm Beach Daily News

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