Spec developer Stewart Satter, the former mayor of Manalapan, bought a 4-acre ocean-to-Intracoastal Waterway teardown estate for $27.5 million in the tony Palm Beach front County enclave.
Data present Satter’s 1960 S Ocean Blvd LLC, a Florida entity, bought the mansion at 1960 South Ocean Boulevard from a different Florida LLC named for the deal with. Nearby lawyer Maura Ziska signed on behalf of the seller.
Douglas Elliman agents Gary Pohrer and Nick Malinosky, who just lately partnered to start the Unique Group, represented both equally the consumer and the vendor.
Satter heads Carnegie Hill Development, a firm that specializes in spec property advancement in Manalapan, its web page demonstrates. Prior to actual estate, he led his family’s Purchaser Screening Laboratories, a company that sells at-home tests resources, with workplaces all more than the globe. He was sworn in as Manalapan’s mayor in March of previous yr, but resigned from the put up in December right after a transform in money disclosure principles required he disclose his net well worth, WPTV claimed.
He also owns the mansion at 1640 South Ocean Boulevard, which he and his spouse Susan Satter acquired for $4.9 million in 2005, data display.
The estate at 1960 South Ocean Boulevard spans nearly 4 acres, with 350 ft of each oceanfront and waterfront on the Intracoastal Waterway on possibly side of the residence, in accordance to the listing. The 12,200-square-foot mansion was crafted in 1989 and involves 9 bedrooms, nine bogs and two half-loos, assets data clearly show. It has a theater, a 20-vehicle garage, an underground tunnel to the beach front and deep water dockage, according to the listing.
The seller purchased it for $20.5 million in 2021, documents demonstrate. They mentioned it for $32.5 million in February, and advertised it as a enhancement opportunity, according to Redfin.
Manalapan is a hotbed of luxurious authentic estate specials. In 2022, billionaire Oracle co-founder Larry Ellison set the Florida residential value document when he purchased a 16-acre historic estate for $173 million from Netscape’s Jim Clark. In January, Hamptons developer Joe Farrell was tied to the $32.5 million purchase of an under construction oceanfront Manalapan compound. In December, a Nigerian oil magnate’s lender purchased an incomplete oceanfront spec mansion from him for $21.5 million. The oilman, Onajite Okoloko, experienced hoped to promote the done estate for $87.5 million.
