The empty lot next to billionaire Larry Ellison’s Manalapan, Florida compound is on offer for $75 million.
That price marks a staggering $210 million discount from the 4-acre property’s eye-watering $285 million ask earlier this year. That nine-figure offer came with pre-approved construction plans, making it the most expensive new-construction home for sale in the United States.
The new $75 million listing, first reported by Fox Business, was formed in response to “evolving market dynamics and significant buyer feedback,” according to a Friday morning press release. In short: That price is for the land alone.
The seller, Stewart Satter, is a developer and former mayor of Manalapan. He is represented by Nick Malinosky of the Exclusive Group at Douglas Elliman.
Malinosky told The Post that about five serious buyers — primarily from the Northeast and California — expressed interest in the $285 million plans.
“Each one of those buyers always asked us, would they consider just selling the land?” Malinosky said.
Malinosky said ultra-wealthy buyers have made making waves in the Palm Beach County enclave since 2020, as more people sought to settle in the low-tax Sunshine State full-time. Manalapan offered well-heeled buyers a high level of privacy and massive lots to match.
“Ninety percent of the homes that are on the Intracoastal or the ocean, they’re very substantial, massive properties,” Malinosky said. “That really came into play after COVID.”
The ocean-to-Intracoastal property’s next door neighbor, Oracle co-founder Larry Ellison, has been investing big in the barrier island town.
Ellison dropped a cool $277 million in August 2024 on acquiring the tiny town’s largest local employer, Eau Palm Beach Resort & Spa. The 309-room hotel isn’t his first foray into ultra-luxury hospitality. Ellison also owns a Four Seasons Resort in Hawaii, as well as California’s Nobu Ryokan Malibu and the Sensei Porcupine Creek.
The current mayor of Manalapan, John Deese, told Bloomberg he expects Ellison will turn his Palm Beach investment into “a top resort in the world.”
With roughly 400 residents, Manalapan possesses an extremely expensive, but not very competitive, housing market, according to Redfin. Only a fortunate few can afford its multi-million dollar median sale prices.
Those that can meet nine-figure asks, Malinosky pointed out, can also afford to build their own dream home — hence the interest in the land itself.
“These buyers want to build their own property. They have their own needs, their own staff,” Malinosky said. “So that’s what made us pivot to just the land.”
The $285 million plan initially offered is still in the cards, however.
The custom mega-home secured city approval this summer. Satter formed the plans with a project team made up of RWB Construction Management, Marc-Michaels Interior Design and architect Choeff Levy Fischman.
That mansion would include a shooting range, a bowling alley, a car museum, a padel court and more. Windows span the facade, soaking up the more than 700 feet of combined Intracoastal and ocean frontage.
If that particular plan sells, it would easily eclipse the $225 million Naples mansion that currently holds the title for Florida’s priciest home sale.
