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New Manalapan estate changes hands for $33 million

Posted On: 09-10-2015

By Darrell Hofheinz Daily News Real Estate Writer

A never-before-lived-in ocean-to-lake estate in Manalapan has changed hands for a recorded $33 million, according to preliminary information posted today on the Palm Beach County Clerk’s website.

The sale likely set a record for the town, said Palm Beacher Pat Carney, who developed the house on speculation.

The buyer’s identity was not yet available.

With 21,352 square feet of living space, inside and out, the eight-bedroom house was sold through a limited liability company associated with Carney’s family. The lot measures nearly an acre and has about 200 feet of waterfront on both the beach and the Lake Worth Lagoon.

The layout includes an oceanfront master suite, a VIP suite and a 14-car garage. Among the outdoor features are two swimming pools, a barbecue area on the east, a summer kitchen on the west and “entertaining loggias” overlooking the tennis court, according to the property’s sales listing. The property also has a dock in the waterway across South Ocean Boulevard. In all, the house has 15,163 square feet of air-conditioned space.

“I think it’s probably the nicest home I’ve ever built in my career,” Carney said. “It’s got all the right things.”

Corcoran Group agent Jim McCann had marketed the property at $34.9 million. He listed the estate after the house was completed about a year ago. A different agency handled the buyer’s side of the sale, said Carney, who declined to identify the firm or the buyer.

The sales price reflected the fact that estates of its type are extremely rare on the local market, Carney added.

“I think what it says is that the demand for new oceanfront (homes) is much greater than supply,” Carney said.

A Carney-controlled company bought the land in 2011 from Frank McKinney, a Manalapan developer whose own plans for a spec mansion there were derailed by the Great Recession. The property lies about a quarter mile south of the Eau Palm Beach Resort & Spa.

The house stands next door to another one Carney developed at 750 S. Ocean Blvd. Motivational speaker and author Tony Robbins used a trust to buy that house for $24.75 million in 2013.

Both of those houses were constructed by Mark Timothy Homes of Boca Raton, which builds all of the developer’s residential projects, Carney said.

Carney’s portfolio of spec houses includes a lakefront house in Palm Beach at 390 N. Lake Way, which McCann listed last spring at $37.9 million. His other Palm Beach project, at 1695 N. Ocean Way, should be finished by the end of the year, Carney said.

After the recession hit South Florida, Carney’s companies bought 10 waterfront lots between Fort Lauderdale and Vero Beach and began developing homes. The Manlapan house that just sold is the sixth of those projects, he said. 

 

Source: Darrell Hofheinz, September 10, 2015, Palm Beach Daily News

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