Ocean-to-lake estate in Manalapan near Palm Beach lists at a whopper price of $89 million

Darrell Hofheinz, Palm Beach Daily News
Updated ·3 min read
A Mediterranean-style, ocean-to-lake estate measuring 2.14 acres at 1040 S. Ocean Blvd. has entered the market at $89 million, having that last sold for $25.75 million in early 2021.
A Mediterranean-style, ocean-to-lake estate measuring 2.14 acres at 1040 S. Ocean Blvd. has entered the market at $89 million, having that last sold for $25.75 million in early 2021.

The buyer who paid $25.75 million for an estate in early 2021 just listed it for $89 million in Manalapan, the wealthy town south of Palm Beach.

The price tag for 1040 S. Ocean Blvd. reflects the rise in property values in Manalapan over the past three years, where a nearby estate sold for $89.93 million in December 2021, said listing broker Maura Christu of Island Realty PB. A lawyer, she goes professionally by the name Maura Ziska at her West Palm Beach legal practice, Kochman & Ziska.

The condition of the estate, which was completed in 2018, also supports the asking price, she said.

“It’s been very well maintained. It’s pristine,” she said.

The ocean-to-lake estate measures 2.14 acres with about 200 feet of direct beachfront. The property has the same amount of frontage on a parcel facing the Intracoastal Waterway and separated from the bulk of the estate by South Ocean Boulevard.

The mansion and guesthouse have a combined total of eight bedrooms and 25,399 square feet of living space, inside and out, the listing says.

Just listed at $89 million, a Manalapan estate at 1040 S. Ocean Blvd. has a poolside loggia on its ocean side.
Just listed at $89 million, a Manalapan estate at 1040 S. Ocean Blvd. has a poolside loggia on its ocean side.

The seller, who has ties to California, is a Delaware-registered limited liability company named 1040 Ocean LLC, the 2021 deed shows. Because of Delaware's strict corporate privacy laws, no other information about the owner is readily available in public records.

Christu declined to discuss her client.

The estate was designed by YRA Design. It features two elevators, three laundry rooms, five garage bays and an oceanfront swimming pool. The lake parcel has a private dock that can accommodate a yacht up to 50 feet in length.

A winding drive leads to the front motor court, bordered by the L-shaped layout of the house and guesthouse. Interior photos show a two-story foyer with a curved staircase and a double-height great room with a fireplace and floor-to-ceiling windows facing the ocean. The room is overlooked by a second-floor gallery.

The living room of a Manalapan home just listed for $89 million has double-height windows that capture views of the Atlantic Ocean.
The living room of a Manalapan home just listed for $89 million has double-height windows that capture views of the Atlantic Ocean.

The property, which lies about 2 miles south of Eau Palm Beach Resort & Spa, is immediately north of Eastover, the historic mansion built in the late 1920s for yachtsman Howard Stirling Vanderbilt.

The seller in the 2021 sale was Beth J. Kloiber, who sold it through a Kentucky-registered limited liability company she managed named Whimsical Florida LLC, courthouse records show. That Lexington-based entity took ownership of the property in November 2016 from a trust linked to Kloiber's ex-husband, Daniel Kloiber, a document-management software executive and entrepreneur. Premier Estate Properties handled both sides of the sale in 2021.

The new listing went active late last week in the multiple listing service.

Although sales in Manalapan have slowed over the past year, asking prices for premium properties remain far higher than before the coronavirus pandemic-sparked the real estate boom that arrived in the town in early 2021, real estate observers say.

The boom came, in part, because some homebuyers bought in Manalapan after they couldn’t find waterfront estates in Palm Beach, where housing inventory shrank dramatically during the first years of the pandemic. The housing boom also was fueled by the work-at-home trend and Florida’s favorable tax climate.

With an elaborate seawall, the house at 1040 S. Ocean Blvd. in Manalapan faces about 200 feet of oceanfront. The water frontage measures the same on its lakeside parcel. The estate is listed at $89 million.
With an elaborate seawall, the house at 1040 S. Ocean Blvd. in Manalapan faces about 200 feet of oceanfront. The water frontage measures the same on its lakeside parcel. The estate is listed at $89 million.

Manalapan also is the town with the highest average home price in the country, according to a report released in April by financial-services company CashNetUSA. Using price data from the real estate website Zillow, analysts added up “house prices in each area and divided them by the number of properties to calculate the average price in every neighborhood,” a statement accompanying the report said.

The average price of a house in Manalapanwas $39.76 million — but that figure wasskewed by a whopper of an outlying sale, the analysts noted. That $173 million sale in June 2022 of a 22-acre estate at 3000 S. Ocean Blvd., on the south end of town, set a new Florida residential record.

dhofheinz@pbdailynews.com

An estate in Manalapan at 1040 S. Ocean Blvd. has an oceanfront swimming pool. The property was just listed for $89 million.
An estate in Manalapan at 1040 S. Ocean Blvd. has an oceanfront swimming pool. The property was just listed for $89 million.

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Portions of this story previously appeared in the Palm Beach Daily News.

This is a developing story. Check back for any 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.

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This article originally appeared on Palm Beach Daily News: Estate south of Palm Beach lists at a whopper price of $89 million