Developer Sonny Kahn, a founding partner at Miami-based Crescent Heights, and his wife, Suzanne, paid $28 million for an oceanfront estate in Manalapan.
The Kahns acquired the 1.6-acre property at 1200 South Ocean Boulevard about a month after selling their waterfront Miami Beach estate to developer Todd Michael Glaser and his partner, the Posner Group. They sold the 2.3-acre home at 5940 North Bay Road for $105 million.
Property records show an LLC managed by investment firm executive Nobel Gulati and his wife, Ruchi, sold the Manalapan property to Kahn and his wife, Suzanne Passi Kahn.
The 18,000-square-foot house was built in 1997. The ocean-to-lake property includes a tennis court, boat dock and an oceanfront pool and spa. It has seven bedrooms, eight bathrooms and three half-bathrooms.
The sellers listed the property in February 2024 for just under $40 million, and it was most recently asking $33 million. Nicholas Younker and Seth Benkaddour with William Raveis Real Estate represented the sellers. They paid $25.8 million for the property in 2021, records show.
Kahn, Russell Galbut and Bruce Menin lead Miami-based Crescent Heights, a development firm with projects in South Florida, New York, Chicago, California and other major U.S. cities.
The most expensive home on the market in Manalapan, a luxury enclave south of Palm Beach, is a planned oceanfront estate asking $285 million at 1960 South Ocean Boulevard. If it sells at or near that price, the sale will set a new record for single-family home sales in the state, and mark one of the priciest home sales in the country.
In May, WeatherTech founder David MacNeil paid $55.5 million for the partially constructed spec mansion at 1140 South Ocean Boulevard. MacNeil also owns the property next door.
Manalapan’s wealthiest resident is the billionaire co-founder of Oracle, Larry Ellison, who spent a record $173 million on a 16-acre oceanfront estate in 2022, then another $277.4 million on the Eau Palm Beach Resort & Spa last year.
