The Law Offices of John Caravella, P.C. does not own this content. This content was created by Claudine Zap, and was published to Realtor.com on January 16th, 2025. To view the full article, please click here.
The Florida real estate market, already a hot ticket and getting ever steamier, is set to hit a new high courtesy of a remarkable new listing.
Behold America’s “most expensive new construction home” that’s landed on the market in Manalapan for a massive $285 million.
A company controlled by the former Manalapan mayor and developer Stewart Satter is reported to have purchased the property in March 2024 for $27.5 million, according to the Palm Beach Daily News, and it’s looking for quite a return on its investment.
At the time of his purchase, the 4-acre, ocean-to-lake estate included a 1989-era mansion, which Satter intended to raze in order to redevelop the property into what appears to be an over-the-top behemoth with an equally staggering price tag.
The property comes with bragging rights: It’s located next door to Oracle co-founder Larry Ellison‘s South Florida estate and sits near the sprawling $23.5 million mansion that Fox News star Sean Hannity recently purchased.
With an estimated completion date of 2026, the “record-setting property is the most expensive new construction single-family home brought to market in the country,” according to the listing.
If sold for the asking price, the property would break the country’s home sale record, according to the Wall Street Journal.
While plenty of pricey listings can be found in this neighborhood—including the Gordon Pointe estate in Naples for $295 million—this is the only new-construction property of its kind (and price).
Home sales in this price range are rare. Hedge funder Kenneth Griffin paid $238 million for a Central Park South penthouse in 2019.
Last year, a Malibu, CA, deal smashed the market for $210 million.
But with the balance of power shifting to the Sunshine State and Donald Trump‘s “Southern White House” of Mar-a-Lago, the area has become attractive to megadeals. And the market certainly is bullish: Of late, Florida real estate consistently fills the Realtor.com® list of the most expensive properties each week.
The Law Offices of John Caravella, P.C. does not own this content. This content was created by Claudine Zap, and was published to Realtor.com on January 16th, 2025. To view the full article, please click here.
John Caravella Esq., is a construction attorney and formerly practicing project architect at The Law Office of John Caravella, P.C., representing architects, engineers, contractors, subcontractors, and owners in all phases of contract preparation, litigation, and arbitration across New York and Florida. He also serves as an arbitrator to the American Arbitration Association Construction Industry Panel. Mr. Caravella can be reached by email: [email protected] or (631) 608-1346.
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