Foreign Property News | Posted by Hnin Ei Khin
Behold America’s “most expensive new construction home” that’s landed on the market in Manalapan for a massive $285 million.
A company controlled by the former Manalapan mayor and developer Stewart Satter is reported to have purchased the property in March 2024 for $27.5 million, according to the Palm Beach Daily News, and it’s looking for quite a return on its investment.
At the time of his purchase, the 4-acre, ocean-to-lake estate included a 1989-era mansion, which Satter intended to raze in order to redevelop the property into what appears to be an over-the-top behemoth with an equally staggering price tag.
The property comes with bragging rights: It’s located next door to Oracle co-founder Larry Ellison‘s South Florida estate and sits near the sprawling $23.5 million mansion that Fox News star Sean Hannity recently purchased.
Renderings depict what the finished product will look like.
(A rendering of the $285 million listing in Manalapan, FL. Gladstone Media Inc. )
(A rendering of the 55,000-square-foot main house. Gladstone Media Inc. )
(A rendering of the property with deluxe amenities, with completion scheduled for 2026. Gladstone Media Inc. )
If sold for the asking price, the property would break the country’s home sale record, according to the Wall Street Journal.
Home sales in this price range are rare.
Hedge funder Kenneth Griffin paid $238 million for a Central Park South penthouse in 2019.
Spanning an expansive 54,570 square feet (roughly the size of the White House), the property includes a beach house, guesthouse, boathouse, and car “museum.”
(The ocean-to-lake estate is set on almost 4 acres.Gladstone Media Inc. )
(A rendering of the car “museum” Gladstone Media Inc. )
(A rendering of the bowling alley Gladstone Media Inc. )
The property is represented by Nick Malinosky of The Exclusive Group at Douglas Elliman.
Ref: America’s ‘Most Expensive New Construction Home’ Hits the Market in Florida for a Staggering $285 Million Photo Credit- Gladstone Media
