Larry Ellison, Sean Hannity And Now A $285M Mansion – Florida's Billionaire Playground: Manalapan's Star Power Grows

Manalapan, a renowned enclave in Florida's Palm Beach County, has consistently seen skyrocketing real estate prices, attracting high-profile residents like Larry Ellison and Sean Hannity.

According to The Wall Street Journal, a local developer is setting a new benchmark, listing a spec-built mansion for $285 million.

The ambitious listing places the property among the most expensive for sale in the United States. It falls just short of a 9-acre compound in Naples, Florida, listed for a potential record-breaking $295 million last February, which remains on the market.

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The current record for a U.S. home sale stands at about $240 million, set in 2019 by billionaire hedge funder Ken Griffin's purchase of a New York City apartment.

The $285 million listing comes from Stewart Satter, a prominent local developer who briefly served as Manalapan's mayor last year. Satter founded and sold Consumer Testing Laboratories in 2016 and now pursues real estate development as a passion project. He stepped down as mayor after facing new financial disclosure requirements, citing discomfort with disclosing his income and wealth.

Satter acquired the approximately 4-acre property, adjacent to Ellison's estate, for $27.5 million last March. The land, spanning from the Intracoastal Waterway to the Atlantic Ocean, features a private tunnel beneath South Ocean Boulevard. Satter demolished the existing residence and enlisted renowned local builder Robert W. Burrage and architecture firm Choeff Levy Fischman to bring his vision to life.

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The plans envision a contemporary compound encompassing a 50,000-square-foot main house, a substantial guesthouse and a boat house. The main residence will have eight bedrooms, nine full bathrooms, seven powder rooms and a host of amenities, including a bowling alley, movie theater, game room, golf simulator, shooting range, padel court and a "car museum."

"Someone spending $285 million is expecting everything. And in that property, they'll get everything," Satter told The Wall Street Journal.

Construction on the mansion has not yet started. Satter anticipates the buyer may want modifications or customizations to the existing plans. As part of the sale, Satter would continue to serve as the developer, collaborating with the builder and architect throughout the construction process. He would also assume responsibility for all construction costs and associated fees.

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Satter has a long-standing connection to Manalapan, having invested in the affluent community for two decades. In 2005, he acquired four lots in the area for an estimated $20 million.

"People said to me, ‘You're crazy. It's never going to amount to anything.' But I was able to see around the corner and see what was going on," he said.

Manalapan's home values have surged in recent years, largely driven by its proximity to Palm Beach and a surge in demand from affluent buyers, particularly following the COVID-19 pandemic.

In 2022, Ellison, cofounder of Oracle, set a local record with the $173 million acquisition of his Manalapan estate. He later expanded his presence by purchasing the Eau Palm Beach Resort & Spa for about $277 million. In December of the same year, prominent media personality Hannity acquired his own estate for $23.5 million in the town.

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