Hamptons developer Joe Farrell is linked to the $32.5 million purchase of an under construction oceanfront Manalapan compound.
Records show electronics recycling mogul Mark Sherman sold the incomplete mansion at 1140 South Ocean Boulevard to an entity named for the address and registered to the Bridgehampton, New York office of Farrell Companies.
Margit Brandt of Premier Estate Properties brought the buyer, and Pier Paolo Visconti and Claudia Llanes of Douglas Elliman had the listing. Brandt did not respond to a request for comment.
Farrell is a Hamptons developer whose portfolio includes commercial and multifamily properties and spec homes. His firm also has projects in Connecticut, the Hudson Valley and Wellington, its website shows.
Sherman is co-founder and president of Green Wave Electronics, an Atlanta-based electronics recycling company. He and his ex-wife, Isabella Sherman, bought the 1.6-acre estate in 2000 for $8 million, records show. The existing mansion, built in 1994, spanned 8,800 square feet, with five bedrooms, seven bathrooms and two half-bathrooms, according to property records.
Sherman has been striving to complete a renovation and expansion of the compound, dubbed Villa Azur, since 2017. He has pulled three separate construction permits from the town of Manalapan, most recently receiving a 24-month construction permit in August of 2022, according to the Coastal Star.
“We’ve been remarkably patient, remarkably patient,” then-Manalapan Mayor Keith Waters said at the town commission meeting for the third permit request, the outlet reported. “I have taken a great deal of flak, personally, from people who have to deal with that, live near that and are part of that construction.”
The home is now more than halfway completed, and construction is estimated to be finished late this year, according to sources. In total, the mansion will span 16,000 square feet, with 12 bedrooms, 13 bathrooms, two-half bathrooms, a gym, library, theater, game room and 1,000-bottle wine cellar, the listing shows. The compound will include a four-bedroom guest house, a pool and 150 feet of oceanfront.
Sherman listed it for $59 million in 2022, Redfin shows.
A lender bought another incomplete Manalapan estate for $21.5 million in December. The seller, Nigerian oil magnate Onajite Okoloko, had hoped to sell the 25,600-square-foot megamansion for $87.5 million, before his lender, Edward London, filed a foreclosure suit.
Also in December, private equity head James Caccavo flipped a Manalapan home for $13.9 million. In July, a health tech boss bought an ocean-to-lake estate for $16.5 million.