Plastics mogul David Frecka bought an oceanfront Manalapan estate for $49.1 million.
Records show Frecka bought the mansion at 1400 South Ocean Boulevard from Raj and Padmaja Mantena. Mark Griffin with Sotheby’s International Realty had the listing.
David Frecka was the longtime owner and CEO of Next Generation Films, a plastic packaging maker based in Ohio. The company merged with Charter Nex in 2019 to create Chicago-based Charter Next Generation, according to published reports.
Raj Mantena is CEO of P4 Healthcare, a health care management services firm based in Jupiter. The Mantenas’ primary home is a mansion in the Bear’s Club in Jupiter they bought for $3.9 million in 2001, records show.
They bought the Manalapan estate for $48.4 million in 2023. It was built in 2015 on 1.8 oceanfront acres. The compound includes a 16,200-square-foot mansion and a 1,200-square-foot guest house. It has a total of seven bedrooms, nine bathrooms and four half-bathrooms, 200 feet of oceanfront, two pools and a private dock, according to records and the listing.
The Mantenas listed the mansion for $65 million in 2023, and dropped the asking price to $60 million last year, according to Zillow. They sold it for $700,000 more than their purchase price.
The sale marks the latest pricey Manalapan deal in South Florida’s busy season. Manalapan has rapidly grown in popularity with wealthy buyers in recent years, following the pandemic boom and billionaire Larry Ellison’s record $173 million purchase of an oceanfront estate in the enclave. Last year, Ellison also bought the Eau Palm Beach Resort & Spa for $277.4 million.
Other big names buying and selling in Manalapan include Billy Joel, who sold his oceanfront mansion for $42.6 million, and Fox News host Sean Hannity, who bought a mansion for $23.5 million.
Last month, developer and former Manalapan Mayor Stewart Satter listed a 4-acre oceanfront Manalapan spec estate asking $285 million, making it one of the most expensive homes for sale in the U.S. The planned compound will have a 55,000-square-foot mansion with a shooting range, bowling alley, car museum, padel court, a gym and spa.