Florida Billionaires Pay $67M for Waterfront Lot
What Happened in the $67M Manalapan Land Deal? After a failed attempt to turn a four-acre Manalapan waterfront parcel into a proposed $285 million megamansion, developer Stewart Satter split the site into two halves. He then sold the lots to the neighboring estate owners for a combined $67 million. The land had been marketed for a resort-style mansion envisioned as a record-setting U.S. home. That plan never moved forward, as market dynamics and legal hurdles appear to have undercut the venture. Broader investor caution tied to regulatory clarity shifts and changing capital rules has also been reshaping high-value property decisions. The parcel was divided almost evenly into northern and southern portions. Larry Ellison agreed to buy the southern half for $35 million , with the deal expected to close in a few weeks. Satter then chose to sell the property rather than keep pursuing the stalled project. Property records showed the two-part transaction totaled $67 million. The result mark...