Waterfront estate near Palm Beach listed at $59M with major renovation underway

Darrell Hofheinz, Palm Beach Daily News
·3 min read
In Manalapan near Palm Beach, an ocean-to-lake estate at 1140 S. Ocean Blvd. has been listed for sale at $59 million, a price that includes an as-yet-to-be completed renovation project at the house, seen in the center.
In Manalapan near Palm Beach, an ocean-to-lake estate at 1140 S. Ocean Blvd. has been listed for sale at $59 million, a price that includes an as-yet-to-be completed renovation project at the house, seen in the center.

An ocean-to-lake estate near Palm Beach has been listed at $59 million, a price that would include a finished renovation project underway at the property.

The Mediterranean-style estate, built in 1994, at 1140 S. Ocean Blvd. stands on one of the highest lots in Manalapan, the affluent town south of Palm Beach.

The down-to-the-studs renovation project, which includes an already-built addition, should be completed within 16 months, said Douglas Elliman Real Estate listing agent Pier Paolo Visconti. The house is being completely rebuilt, Visconti said.

“This will undoubtedly be the most exquisite and elegant property in Manalapan,” he told the Palm Beach Daily News.

When the work is completed, the seven-bedroom house will have 15,815 square feet of living space, inside and out, compared to its original 10,775-square-foot layout. Of the new total measurement, 12,420 square feet will be air-conditioned space.

The lot measures 1.6 acres with about 150 feet of waterfront on the ocean and on the Intracoastal Waterway. The house — named Villa Azur — stands on the ocean side of the property, which is separated from the smaller lakefront parcel by the coastal road.

He's movin' out: Billy Joel lists his ocean-to-lake estate in Manalapan near Palm Beach at $64.9 million

More Manalapan news: Waterfront estate sells for $173 million, seeing a Florida residential record

A rendering shows the lake side of a renovation-and-addition project designed for 1140 S. Ocean Blvd. in Manalapan near Palm Beach. The ocean-to-lake estate is for sale at $59 million, a price that includes the renovation, which is still in the works.
A rendering shows the lake side of a renovation-and-addition project designed for 1140 S. Ocean Blvd. in Manalapan near Palm Beach. The ocean-to-lake estate is for sale at $59 million, a price that includes the renovation, which is still in the works.

The estate is owned by entrepreneur Mark Sherman, who with his ex-wife, Isabella Sherman, paid $8 million for the house in December 2000 before their divorce. He has been the sole owner since 2012, and the renovation-and-addition project has been underway for several years.

Still to be completed are the interiors, which will be finished with “a Chanel theme,” said Visconti, who holds the listing through Elliman’s Visconti Team with partner Claudia Llanes. Extensive landscaping also will be installed.

Estate near Palm Beach will feature an oceanfront loggia

Although the $59 million listing includes the finished renovation — and locks in the price — there are other options available, Visconti said. The estate could be sold “as is” for a lower price, with the buyer completing the renovation independently.

The property also could accommodate a separate 3,000 square foot guesthouse, but that building isn’t included in the $59 million price. If the buyer desired, the seller would arrange to have the guesthouse built, Visconti said.

Near Palm Beach, an ocean-to-lake estate at 1140 S. Ocean Blvd. in Manalapan has entered the market at $59 million, a price that includes an in-the-works renovation project that will be installed once the project is completed.
Near Palm Beach, an ocean-to-lake estate at 1140 S. Ocean Blvd. in Manalapan has entered the market at $59 million, a price that includes an in-the-works renovation project that will be installed once the project is completed.

Among the house’s planned features are 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 says.

The layout also includes a gym, a library, a home theater, a game room and wine storage for 1,000 bottles. The garage can be configured to accommodate 12 cars, Visconti said.

Manalapan properties: Billionaire Jeff Greene asks $49.9 million for adjacent estates by inlet south of Palm Beach

Yo! A big Manalapan deal: Couple who sold Sylvester Stallone Palm Beach house buy new Manalapan estate for $38.9 million

The contractor is Mauro Brothers, and the interiors are being handled by interior designer Jaime Blomquist. Landscape architect John Lang has designed the grounds.

The renovation has sparked some controversy at Town Hall, where town commissioners in July expressed frustration that the project has taken so long to complete, according to meeting records. The first building permit was pulled in 2017 by a different contractor.

Sherman is president and CEO of Green Wave Electronics in Atlanta, which provides a range of “third-party logistics” services to the electronics industry, including certified product refurbishment, e-commerce fulfillment, warehousing and distribution.

The house was built 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 the Palm Beach International Airport. He was traveling on business with several employees when the plane attempted an unplanned landing at the airport.

*

This story has been updated from a previous version, which erroneously said the $59 million price of the Manalapan house at 1140 S. Ocean Blvd. included furnishings.

*

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. Help support our journalism. Subscribe today.

This article originally appeared on Palm Beach Daily News: Florida real estate: House in renovation lists at $59M near Palm Beach