Company tied to developer Joe Farrell pays $32.5M for estate in Manalapan near Palm Beach

Darrell Hofheinz, Palm Beach Daily News
Updated ·5 min read

A New York developer who is active in Palm Beach County’s housing market is linked to a $32.5 million purchase of an ocean-to-lake estate in Manalapan, the wealthy town south of Palm Beach, according to public records.

Manalapan resident Joseph G. Farrell Jr.’s Farrell Cos. is affiliated with the limited-liability company that just bought 1140 S. Ocean Blvd., a 1990s-era estate where a down-to-the-studs renovation and addition project has been underway for several years.

The new owner plans to carry out interior and exterior renovations at the property, according to a notice of construction just filed with the county by Farrell Building Co. Joe Farrell owns a home nearby on Lands End Road on Point Manalapan, property records show. That house is listed as his primary residence in the latest tax rolls.

Farrell is the managing member of 1140 S Ocean LLC, the company that just bought the estate on South Ocean Boulevard, according to courthouse records and the deed recorded Jan. 24. The deed lists the company's address as an office linked to Farrell Cos. and its Florida affiliate, Farrell Building Co., on Mercer Avenue in West Palm Beach. The buyer also has a post-office box used by Farrell Cos. in Bridgehampton, New York, state business records show.

The Mediterranean-style residence that just changed hands had been listed at nearly $60 million, but that price was for the estate had the renovation been finished when sold. The $59 million price would have included the renovated seven-bedroom house, a new four-bedroom guest house at the front driveway and a new one-bedroom pool house.

In Manalapan near Palm Beach, an ocean-to-lake estate at 1140 S. Ocean Blvd. was listed for sale in late 2022 at $59 million, a price that included an as-yet-to-be completed renovation project at the house. With the project underway, the estate just sold for $32.5 million.
In Manalapan near Palm Beach, an ocean-to-lake estate at 1140 S. Ocean Blvd. was listed for sale in late 2022 at $59 million, a price that included an as-yet-to-be completed renovation project at the house. With the project underway, the estate just sold for $32.5 million.

Farrell, who is among the leading developers in the Hamptons on Long Island, recently received approval from Wellington officials to build 27 estates in the Palm Beach Golf & Polo Club in western Palm Beach County. Having built hundreds of homes in New York, he also is developing a new waterfront house on Southeast Atlantic Drive on Hypoluxo Island opposite Manalapan.

Agent Margit Brandt of Premier Estate Properties acted on behalf of the buyer. She did not respond to a request for comment.

The estate that just sold at 1140 S. Ocean Blvd. measures 1.6 acres with about 150 feet of waterfront on the ocean and on the Intracoastal Waterway. The property is one of the highest lots in Manalapan, about a mile north of the Eau Palm Beach Resort & Spa.

The renovations and additions to the estate are about 70% complete, said Douglas Elliman Real Estate listing agent Pier Paolo Visconti. Citing a confidentiality agreement, Visconti declined to provide details about either the sale or the parties involved.

If the work were completed, the seven-bedroom house would have about 16,000 square feet of living space, inside and out, compared to its original 10,775-square-foot layout. Of that new total measurement, 12,420 square feet would be air-conditioned space. The Mediterranean-style house was built in 1994, according to building records.

The Farrell Cos.’ limited liability company bought the estate from entrepreneur Mark Sherman, who with his ex-wife, Isabella Sherman, paid $8 million for the house in December 2000 before their divorce. He had been the sole owner since 2012, property records show.

Visconti held the listing through Elliman's Visconti Team with partner Claudia Llanes. When the estate — known as Villa Azur — was listed for sale in late 2022, Visconti said it could be sold “as is” for a lower price, which he did not identify.

A rendering shows the guesthouse, foreground, designed for an extensive remodeling project of an ocean-to-lake estate in Manalapan at 1140 S. Ocean Blvd., which just sold while under construction for $32.5 million, according to the multiple listing service.
A rendering shows the guesthouse, foreground, designed for an extensive remodeling project of an ocean-to-lake estate in Manalapan at 1140 S. Ocean Blvd., which just sold while under construction for $32.5 million, according to the multiple listing service.

The renovation and addition plans for the main house included an oceanfront loggia, a second-floor terrace off the primary bedroom, a great room and, to the west, a “Champagne room overlooking amazing sunsets,” the listing said.

The layout also would include a gym, a library, a home theater, a game room and wine storage for 1,000 bottles. The garage could be configured to accommodate 12 cars, Visconti said when the house was listed.

The years-long renovation project sparked controversy at Manalapan Town Hall, with town commissioners repeatedly expressing frustration that the project was taking so long to complete, according to meeting records. The first building permit was pulled in 2017, records show.

Seller Sherman’s professional résumé includes serving as president and CEO of Green Wave Electronics and QGistix in Atlanta. The former provides a range of “third-party logistics” services to the electronics industry, including certified product refurbishment, e-commerce fulfillment, warehousing and distribution.

Joe and Jack Farrell, who also is affiliated with 1140 S Ocean LLC, couldn’t be reached.

Joe Farrell and his wife, Kristen, bought their home on Point Manalapan at 1515 Lands End Road in 2013, property records show. In 2022, Joe Farrell transferred ownership solely into this name.

His development company builds custom homes, multifamily rental communities, speculative estates, commercial properties and storage facilities, according to its website. In April 2023, a Farrell Cos.-controlled company, Farrell Surfside LLC, paid a recorded $4 million for a waterfront property at 1422 S.E. Atlantic Drive on Lantana’s Hypoluxo Island opposite Manalapan, with plans to develop a new house on speculation, according to published reports.

Near Palm Beach, an ocean-to-lake estate at 1140 S. Ocean Blvd. in Manalapan was photographed around the time it entered the market in late 2022 at $59 million, a price that would have included an extensive renovation. The estate just sold with the construction underway for $32.5 million.
Near Palm Beach, an ocean-to-lake estate at 1140 S. Ocean Blvd. in Manalapan was photographed around the time it entered the market in late 2022 at $59 million, a price that would have included an extensive renovation. The estate just sold with the construction underway for $32.5 million.
In Manalapan near Palm Beach, a rendering shows what an ocean-to-lake estate at 1140 S. Ocean Blvd. would look like, once a major renovation is completed. With construction on the project underway, the property just sold for $32.5 million, the price reported Jan. 19 in the multiple listing service.
In Manalapan near Palm Beach, a rendering shows what an ocean-to-lake estate at 1140 S. Ocean Blvd. would look like, once a major renovation is completed. With construction on the project underway, the property just sold for $32.5 million, the price reported Jan. 19 in the multiple listing service.

Joe Farrell’s company also reportedly is planning new residential projects in Miami, Fort Lauderdale, West Palm Beach and other parts of Florida.

At one point last year, the Farrells’ personal residence in Bridgehampton on Long Island — a contemporary-style eight-bedroom, 10,000-square-foot custom mansion — was listed for sale at $125 million.

The ocean-to-lake estate Farrell’s company just bought in Manalapan was originally developed by the late Dr. Constantine Peter Chambers, a prominent hair-replacement specialist who died at 64 in a 1999 private-plane crash on the grounds of Palm Beach International Airport. He was traveling on business with several employees when the plane attempted an unplanned landing.

dhofheinz@pbdailynews.com

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This story was updated from a previous version. This is a developing story. Check back for updates.

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Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz.

This article originally appeared on Palm Beach Daily News: Company linked to developer pays $32.5M for estate near Palm Beach