Another oceanfront-to-Intracoastal estate in Manalapan traded for more than $20 million.
A trust managed by music instrument maker Hartley Peavey and his wife Mary sold the couple’s 18,429-square-foot home at 1200 South Ocean Boulevard for $25.7 million.
The buyer in the off-market deal is 1200 South Ocean LLC, an entity managed by Nobel and Ruchi Gulati, records show. Nobel Gulati was previously CEO of Two Sigma Advisors, a New York-based asset management firm, until he stepped down in 2018.
The Gulatis also recently purchased a five-bedroom home in Jupiter for $8.6 million.
The Peaveys bought the 1.5-acre Manalapan lot in 1989 for $1.9 million and completed the two-story mansion in 1997, records show. The property also has a pool, tennis courts, a boat deck and 150 feet of ocean frontage. It was their homestead property.
Hartley Peavey is the founder and CEO of Peavey Electronics, a well-known manufacturer of guitars, keyboard, amplifiers and other musical instruments and equipment.
Manalapan is in the midst of an active sales cycle involving $20 million-plus deals. G. John Krediet, founding partner of Darien, Connecticut-based C.F. Capital Management recently sold a 1.9-acre property at 1780 South Ocean Boulevard for $29.1 million.
Cantor Companies CEO Michael Cantor recently sold his 14,814-square-foot estate at 1160 South Ocean Boulevard for $28 million. A land trust managed by City National Bank bought the seven-bedroom, nine-bathroom mansion.
In March, another Manalapan mansion stretching from the Lake Worth Lagoon to the ocean traded for $26.2 million. The property at 1560 South Ocean Boulevard was sold by a Delaware corporation tied to Dagmar Grossmann of Prague, who co-founded Grossman Jet Service with billionaire oil magnate and co-founder of Czech investment group KKCG Karel Komarek.