Down in Florida, just before Memorial Day weekend, luxury broker Margit Brandt represented both the buyer and seller in a $55.5 million sale in Manalapan, which has ties to the Hamptons.
Noted developer Joe Farrell of The Farrell Companies, which has its headquarters in Bridgehampton, had plans to build a contemporary mansion at 1140 S Ocean Boulevard, along 150 feet on the Atlantic Ocean, just as the project got underway.
“Manalapan has incredible momentum right now as almost a ‘sister-town’ to Palm Beach,” says Brandt, a Senior Luxury Real Estate Advisor at Premier Estate Properties, the exclusive Christie’s International Real Estate affiliate for Palm Beach Island.
“The Larry Ellison capital investments — both in his personal estate and purchase of L’ Eau — were real turning points for the area, and marquee transactions like this one continue to reinforce that household names, smart money, and some of the worlds most successful entrepreneurs are choosing to deploy resources and spend their valuable time in this little slice of paradise,” Brandt tells Behind The Hedges. “And for people who want to enjoy the community and entertainment in Palm Beach but maybe be slightly removed for privacy and security, Manalapan is offering a great alternative, which gives UHNW buyers interested in Palm Beach estates another nearby option – with noticeably more approachable prices per square foot.”
The compound Farrell had planned to build was going to be 23,000 square feet, including a 19,000-square-foot main house with nine bedrooms and a 4,000-square-foot guest house with four bedrooms. His plans included not one, but two pools with spas, a new pickleball court, an eight-car garage and a new dock for a boat.
The 1.6-acre property sits at the highest elevated in Manalapan.
It’s located just minutes from hot spas, such as L’Eau, which made headlines recently when billionaire Larry Ellison purchased it for $277 million, and the Four Seasons Palm Beach, as well as all the shopping, restaurants and entertainment that Palm Beach Island has to offer.
Farrell bought the property for $32.5 million in January 2024, came up with the plans for the project, as seen in renderings, and then placed it on the market last summer for $95 million.
The land alone sold for $55.5 million on May 23.
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