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Still more Manalapan action: Vacant lot brings $12.45 million

Posted On: 03-24-2017

Manalapan may be known as Palm Beach’s low-key sister to the south, but the tiny ocean-to-lake town has been making plenty of noise lately as far as real estate sales go.

On Monday, not only did Manalapan see a $40 million whopper that set a town record for a house sale, but a vacant lot also changed hands the same day in a deal recorded at $12.45 million for 1460 S. Ocean Blvd. Just last week, as reported in this space, a vacant lot eight blocks away at 640 S. Ocean Blvd. sold for a recorded $11 million.

Since the start of February, two other sea-to-lake houses in Manalapan sold for $23.23 million and $28 million, both also reported previously in the Shiny Sheet.

This week’s sale involved a 1 ½-acre lot with 172 feet of ocean and lake frontage. The seller was Marcon Manalapan LLC, a limited liability company managed by estate planner William Haggerty of Ridgewood, N.J. That company paid $8 million for the property in 2008, records show.

The buyer was a company managed by Nigerian businessman Onajite Okoloko, who owns a house in Boca Raton, property records show. Okoloko is CEO of Notore Chemical Industries, a fertilizer company, according to his resume.

On the day it recorded the Manalapan deed, the Palm Beach County Clerk’s office also recorded a mortgage related to a $7.47 million loan Okoloko signed with lender Florida Community bank.

Agent Veronica Cudmore of VLC Property Group had the property listed at $12.9 million. The buyer was represented by agent Donald Rieger of Lang Realty/PGA.

Also on Monday, listing agents Jack Elkins and Bunny Hiatt of The Fite Group acted opposite agent Farid Moussallem of Compass Florida in the $40 million sale of 1370 S. Ocean Blvd. Edward M. Brown, CEO of The Patrón Spirits Co., controlled the company that sold the property to Borogoves Ltd., an offshore entity.

 

 

Source: Darrell Hofheinz, March 24, 2017, Palm Beach Daily News

 

 

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Zimmerman Douglas Elliman

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