Spec developer Stewart Satter, the former mayor of Manalapan, bought a 4-acre ocean-to-Intracoastal Waterway teardown estate for $27.5 million in the tony Palm Beach County enclave.
Records show Satter’s 1960 S Ocean Blvd LLC, a Florida entity, bought the mansion at 1960 South Ocean Boulevard from another Florida LLC named for the address. Local attorney Maura Ziska signed on behalf of the seller.
Douglas Elliman agents Gary Pohrer and Nick Malinosky, who recently partnered to launch the Exclusive Group, represented both the buyer and the seller.
Satter heads Carnegie Hill Development, a firm that specializes in spec home development in Manalapan, its website shows. Prior to real estate, he led his family’s Consumer Testing Laboratories, a firm that sells at-home testing materials, with offices all over the world. He was sworn in as Manalapan’s mayor in March of last year, but resigned from the post in December after a change in financial disclosure rules required he disclose his net worth, WPTV reported.
He also owns the mansion at 1640 South Ocean Boulevard, which he and his wife Susan Satter bought for $4.9 million in 2005, records show.
The estate at 1960 South Ocean Boulevard spans nearly 4 acres, with 350 feet of both oceanfront and waterfront on the Intracoastal Waterway on either side of the property, according to the listing. The 12,200-square-foot mansion was built in 1989 and includes nine bedrooms, nine bathrooms and two half-bathrooms, property records show. It has a theater, a 20-car garage, an underground tunnel to the beach and deep water dockage, according to the listing.
The seller bought it for $20.5 million in 2021, records show. They listed it for $32.5 million in February, and advertised it as a development opportunity, according to Redfin.
Manalapan is a hotbed of luxury real estate deals. In 2022, billionaire Oracle co-founder Larry Ellison set the Florida residential price record when he bought a 16-acre historic estate for $173 million from Netscape’s Jim Clark. In January, Hamptons developer Joe Farrell was tied to the $32.5 million purchase of an under construction oceanfront Manalapan compound. In December, a Nigerian oil magnate’s lender bought an incomplete oceanfront spec mansion from him for $21.5 million. The oilman, Onajite Okoloko, had hoped to sell the completed estate for $87.5 million.