1400 S Ocean Boulevard and P4 Healthcare’s Raj Mantena (Google Maps, ASCO.org)
A health and fitness care main and his spouse purchased an ocean-to-lake estate in Manalapan for $48.4 million, a steep price reduction off the $75 million the sellers outlined the residence for very last yr.
Records show Rama Raju Mantena and Padmaja Mantena bought the mansion at 1400 South Ocean Boulevard from Francis and Dolores Mennella. Francis Mennella is a businessman from Pennsylvania.
Rama Raju “Raj” Mantena is CEO of P4 Health care, a health and fitness care products and services firm started in 2005 and headquartered in Maryland, in accordance to Bloomberg and LinkedIn. The Mantenas individual a home in Jack Nicklaus’ Bear’s Club in Jupiter that they acquired for $3.9 million in 2001, in accordance to residence data.
Mark Griffin, a Bear’s Club broker with Sotheby’s Worldwide Realty, represented the Mantenas in the Manalapan sale. Philip Lyle Smith and Carla Ferreira-Smith of Luxurious Vacation resort Portfolio experienced the listing.
The Mennellas bought the Manalapan house as a recently developed spec mansion for $25.2 million in 2016, home records display. The 1.8-acre residence spans 200 toes of oceanfront and incorporates a 16,200-sq.-foot, five-bed room, 9-lavatory principal home and a 1,200-sq.-foot, a single-bedroom, two-rest room guest dwelling, records and the listing display. The assets involves two swimming pools and a non-public 50-foot dock with a boat raise.
In accordance to Philip Lyle Smith, the few invested a pair of million bucks into the property, including the landscaping, during their ownership.
The assets strike the market last January, when the South Florida market was at the peak of its pandemic frenzy. The Mennellas 1st requested $75 million, dropping the listing rate to $62.9 million as of October, in accordance to Redfin.
“The sector collapsed right in the direction of the center of the listing,” Smith claimed.
The Mennellas are not moving far. The couple acquired a almost 2-acre oceanfront Manalapan great deal at 1940 South Ocean Boulevard from singer Billy Joel for $7.5 million in 2018. Documents show they completed construction previous 12 months on a 10,500-sq.-foot mansion with 6 bedrooms and seven bathrooms. They outlined the property as their mailing tackle on the deed in this most current sale.
Manalapan, a small, rich enclave just south of Palm Seashore, has been house to some of Florida’s largest household income in the previous 12 months.
Billionaire Oracle co-founder Larry Ellison purchased the historic 16-acre Ziff loved ones “Gemini” estate from billionaire Jim Clark for $173 million in June. The sale set a value record for the total state of Florida.
Much more not too long ago, non-public fairness main James Caccavo and his spouse, Kimberly, bought a waterfront Manalapan spec property for $10.5 million.
