A fund led by developer and investor Vivian Dimond acquired an oceanfront estate in Manalapan that was once asking as much as $87.5 million, The Real Deal has learned.
Bayshore Grove Capital bought the entity that owns the recently completed megamansion at 1460 South Ocean Boulevard, Dimond said. The 1.5-acre property recently secured its temporary certificate of occupancy, she said.
Dimond declined to disclose her plans for the property or the price Bayshore paid for the home. The purchase has not yet been recorded.
Records show Edward London’s London Financial South Ocean LLC paid $21.5 million for the then-unfinished home in December. Key Biscayne-based London Financial foreclosed on the home from a Nigerian oil mogul, Onajite Okoloko.
The general contractor that built the house is Coastal Homes of South Florida, led by Chairman and CEO Tom Murphy. Okoloko planned a 25,600-square-foot spec mansion with six bedrooms, eight bathrooms, three half-bathrooms and a tennis court at the ocean-to-lake estate.
Pascal Liguori of Premier Estate Properties previously had the listing, asking $87.5 million last year.
London Financial and Liguori did not respond to requests for comment.
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Manalapan holds the record for the most expensive residential sale in Florida. In 2022, Larry Ellison, the billionaire co-founder of Oracle, paid $173 million for the 16-acre Manalapan estate at 2000 South Ocean Boulevard. Billionaire Netscape co-founder Jim Clark sold the compound, which includes 1,200 feet on the Atlantic Ocean and 1,300 feet along Lake Worth.
In April, WeatherTech founder David MacNeil paid $38.5 million for the oceanfront mansion at 1120 South Ocean Boulevard in Manalapan. And a month earlier, the town’s former mayor, Stewart Satter, bought a 4-acre teardown for $27.5 million.