A significant oceanfront property in Manalapan, Florida, has been listed for $95 million, presenting a unique opportunity for a buyer to acquire land with the intention of demolishing the existing structure and developing a new estate. The compound, located at 960 South Ocean Boulevard, encompasses 2.69 acres of waterfront land situated between the Atlantic Ocean and the Intracoastal Waterway.
The existing mansion, built in 1989, features five bedrooms and 7.5 bathrooms, spanning approximately 16,538 square feet. However, the listing emphasizes the property's development potential rather than its current architecture. The grounds boast approximately 250 feet of frontage on the Atlantic Ocean and another 250 feet along the Intracoastal Waterway, offering dual water access and views.
The estate includes amenities such as a private dock, two swimming pools, a pond, a bridge, and a gazebo, designed for expansive entertaining. The asking price translates to approximately $5,744 per square foot, with the significant cost attributed to the land and its development potential.
Manalapan, a secluded coastal town south of Palm Beach, is known for attracting affluent individuals seeking privacy and extensive waterfront properties. The town has a small population and is home to notable figures, including billionaire Larry Ellison and television host Sean Hannity. The median home price in Manalapan is approximately $2 million, with a per capita income of $231,730.
The property is strategically located near luxury resorts like the Eau Palm Beach Resort & Spa and the Four Seasons Resort Palm Beach, as well as private clubs and golf courses. Palm Beach International Airport is also accessible, facilitating travel for residents who divide their time between locations.
Palm Beach has experienced significant economic growth, often referred to as 'Wall Street South,' with numerous companies relocating or establishing offices in the area. Manalapan, while primarily residential, benefits from its proximity to Palm Beach's commercial and social offerings, while maintaining a more private atmosphere.
The listing is managed by Myra Yung of Cervera Real Estate, with marketing materials emphasizing the property's potential for substantial renovation or complete redevelopment.