EXCLUSIVE: A prime stretch of Manalapan coastline once listed as a record-breaking $285 million megamansion is back on the market — this time at $75 million — and it happens to sit right next door to Oracle billionaire Larry Ellison’s sprawling South Florida estate.
The property at 1960 South Ocean Blvd., owned by developer and former Manalapan Mayor Stewart Satter, is being reintroduced as a land offering with the option to purchase plans for a 55,000-square-foot “trophy property” featuring a bowling alley, car museum and private spa. The move reflects a broader shift in Florida’s ultra-luxury market, as high-end buyers increasingly seek custom-built estates amid a billionaire migration reshaping the state’s coastline.
“Over the last year … a number of people asked us if we’d be willing to sell the land. So they want to obviously customize the product and build something to their unique specifications. We were happy to make that available, so we decided to offer the land as well as the finished home,” Satter told Fox News Digital.
“Manalapan’s become sort of a hot button in luxury real estate. It’s limited inventory, very large parcels as well as the subject property,” Douglas Elliman Exclusive Group founder Nick Malinosky, who represents Satter, told Fox News Digital.
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“So, for instance, this property is four acres, intracoastal to the ocean, 350 feet [of water frontage] on both sides,” he added. “So the location checks the box, number one. And number two, it’s really an estate property.”
Coming to market Friday, Satter and Malinosky noted that the decision to list the land-only option came from reviewed feedback that potential buyers were more interested in the location and their own design plans versus a predesigned product.
There were reportedly five “really good prospects” who were interested in making the $285 million home purchase, but ultimately, more inquiries came in for the land itself.
“We all got together and decided, maybe we do offer the land to the buyer. What we found is many of these buyers want to customize even more than we’d already done to that property,” Malinosky said. “So we’re really listening to the feedback from the buyer and the brokerage community.”
“We’re pro-development here in Manalapan,” Satter said. “And though we have rigorous standards, we encourage people, work closely with people to develop their dream home.”
Though regularly flexing its affluent muscle, Manalapan is home to only about 400 residents, with one of them being Ellison. Ellison’s residence stands directly adjacent to Satter’s land – meaning that a potential buyer could become the billionaire’s new next-door neighbor.
“I think South Florida continues to draw the cream of the crop in people. I don’t see it stopping,” Satter said.
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“The ultra-high-net-worth buyers fall in love with the town and certainly want to build their homes here. A compound would be, let’s say, a trophy property for them, something they could enjoy and enjoy with others,” Satter also pointed out. “Given Mr. Ellison and other wildly successful entrepreneurs are here, billionaires are here, you find people point to Manalapan as a place to live, and it draws more people in given who is living here currently. And so I think, certainly, demand is outstripping supply here on the oceanfront.”
“Obviously the name holds tremendous weight, but you know, I think in these luxury markets, the wealthy buyers seem to sort of all choose the same markets,” Malinosky chimed in. “It’s for the reasons like security … that sense of security, that is top of mind for all of my clients. They want to know if they’re going to be in a secure luxury market.”
1960 South Ocean Blvd. stands out from surrounding properties as it’s the largest available oceanfront landholding in town with rare dual-water exposure. It’s also subdividable and could become two lots, Satter claimed.
The original $285 million home – if a buyer decides to commit to the plans – could still mark one of the most expensive new construction purchases in America, equipped with a shooting range, bowling alley, car museum, golf simulator room, padel court, spa, gym and more.
“… I go out there regularly just to walk the property, and it’s just breathtaking … So, yeah, I will miss it, perhaps when it’s gone.”
“The high-end market is continually doing exceedingly well. We’re seeing record after record,” Malinosky said. “So I believe if the property is special and unique, you’re going to do very well in our South Florida market.”
Both emphasized the location and charm of Manalapan — its turquoise waters and natural beauty — as what will bring a buyer forward more than the grand mansion itself or its notable neighbors.
“We work with a lot of everyday people that have done very well in business that show up and buy these properties. Maybe they’re in manufacturing, maybe they’re in the sneaker business that no one knows of, maybe they are in trucking,” Malinosky explained. “The amount of people that we run into that are not the celebrity or the well-known tech entrepreneur, we see them all. The wealth is coming from all corners.”
“It is definitely a pro-business environment,” Satter said. “The local government has run very, very well. The freedom, access, tranquility … all the tax advantages of living here … it really is a very, very special place.”
The decision to list his property was a bittersweet one: “I’m in no rush to sell it, but I mean, I buy these properties to sell, and I enjoy the process, but I’ve often thought about building something for myself there … we’ll see what happens, and I will miss it, because I go out there regularly just to walk the property, and it’s just breathtaking … So, yeah, I will miss it, perhaps when it’s gone.”
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