A sprawling waterfront estate in the exclusive Florida enclave of Manalapan has seen its asking price dramatically reduced by $44 million. The property, owned by billionaire investor Randal J. Kirk, is now on the market for $90 million, a significant adjustment from its initial listing of $134 million last September.
The price change repositions the massive Italian-style villa in one of America's most expensive zip codes, an area known for record-breaking real estate transactions among the world's wealthiest individuals.
Key Takeaways
- A Manalapan, Florida estate's price was cut from $134 million to $90 million.
- The property is owned by pharmaceutical billionaire Randal J. Kirk, who purchased it for $25.5 million in 2011.
- The 2.31-acre compound features ocean-to-lake access, a main house, a guest house, and numerous luxury amenities.
- Manalapan is a highly sought-after location for billionaires, with recent sales reaching as high as $173 million.
A Major Price Correction in an Elite Market
The estate, located at 820 S. Ocean Blvd., is a prominent example of the ultra-luxury properties that define Manalapan. This small town, situated between Palm Beach and Delray Beach, has become a magnet for billionaires seeking privacy and expansive waterfront homes.
The decision to lower the price by nearly 33% reflects a strategic move to attract serious buyers in a market where initial asking prices can sometimes be set at aspirational levels. The seller, Randal J. Kirk, is the founder of the investment firm Third Security LLC and has a background in pharmaceuticals and biotechnology. He acquired the property in 2011 for $25.5 million, meaning a sale at the new price would still represent a substantial return on his investment.
The Exclusive World of Manalapan Real Estate
Manalapan is no stranger to nine-figure real estate deals. In 2022, Oracle co-founder Larry Ellison purchased a nearby lake-to-ocean estate for a staggering $173 million. More recently, David MacNeil, the founder of WeatherTech, has been active in the area, listing two lots for $125 million after acquiring them in separate transactions.
According to Margit Brandt of Premier Estate Properties, the listing brokerage, the area's appeal remains strong. She described the Kirk estate as a “timeless and stunning Mediterranean marvel,” emphasizing its unique qualities.
“Manalapan continues to offer massive and highly secure ocean-to-lake spreads for many [Ultra High Net Worth] individuals who could truly live anywhere they want,” Brandt stated.
An Inside Look at the $90 Million Compound
Built in 2007, the Italian-inspired villa is designed for large-scale entertaining and private resort-style living. The property spans 2.31 acres, offering a rare combination of oceanfront and Intracoastal Waterway access.
The grounds are meticulously landscaped and feature an impressive 215 feet of direct ocean frontage. On the opposite side, the property includes a private boat slip on the Intracoastal Waterway, providing easy access for yachting. This dual water access is a prized feature in South Florida's luxury market.
Sprawling Accommodations and Amenities
The estate is comprised of multiple structures, including the main residence, a separate guest house, and a security guard house for enhanced privacy. In total, the compound offers nine bedrooms, 16 full bathrooms, and three powder rooms.
The main house is the centerpiece, boasting a range of high-end amenities designed for comfort and entertainment. Key features include:
- A professional-grade chef’s kitchen with arched windows.
- A formal dining room with intricate ceiling and floor details.
- A dedicated screening room for a private cinema experience.
- A temperature-controlled wine cellar.
Property at a Glance
- Location: 820 S Ocean Blvd, Manalapan, FL
- Current Price: $90 million
- Bedrooms: 9
- Bathrooms: 16 full, 3 half
- Acreage: 2.31 acres
- Water Frontage: 215 feet on the Atlantic Ocean
Designed for an Outdoor Florida Lifestyle
The property's design emphasizes South Florida's signature indoor-outdoor living. Covered porches and loggias provide shaded spaces with water views, ideal for relaxing or dining al fresco.
The estate's recreational facilities are extensive. There are two resort-style swimming pools on the grounds, one of which is situated on the ocean side of the property. For sports enthusiasts, there is a private tennis court. A six-car garage provides ample space for a luxury vehicle collection.
The primary bedroom suite is a private sanctuary within the main house, featuring a spa-like bathroom and an expansive walk-in closet. Every detail of the estate, from its grand entryways to its waterfront vistas, has been crafted to a high standard, making it a significant offering even in a market accustomed to luxury.
