Billionaire real-estate investor Jeff Greene is asking $49.9 million for 2 adjoining houses in Manalapan, Fla., a city roughly 10 miles from Palm Seashore.
Totaling greater than 3 acres, Mr. Greene’s properties comprise two contiguous parcels of land that each run from the Intracoastal Waterway to the Atlantic Ocean.
Whereas each parcels embody small seashore cottages, Mr. Greene mentioned the true worth of the property is within the land and that almost all patrons would raze the cottages to make method for a extra fashionable property.
Mr. Greene made his fortune betting in opposition to dangerous mortgages in 2006, a technique he realized from hedge-fund government
He bought the primary of the Manalapan properties in 2015 by means of a chapter public sale for $6.5 million, information present. He purchased the second for $4.1 million in 2018 after a neighbor died, he mentioned. He has rented one of many houses out for $25,000 a month, he mentioned.
The positioning faces the Boynton Inlet, a synthetic reduce by means of a barrier seashore connecting the ocean and the Intracoastal. “It’s proper subsequent to the inlet,” he mentioned. “Some folks may not love that concept, however I like that you may be out within the ocean in minutes when you simply need to go fishing or for a fast Jet Ski within the ocean. I additionally like to have the ability to see all the thrill of boats coming and going on a regular basis.”
Mr. Greene mentioned he and his spouse, Mei Sze Greene, who’ve a house in Palm Seashore, thought of constructing on the property however discovered they don’t have the time. A lot of their power goes into constructing a brand new mansion at their property in North Haven on New York’s Lengthy Island. In addition they nonetheless personal Palazzo di Amore, a 25-acre compound in Beverly Hills, which as soon as requested $195 million. Mr. Greene mentioned he’s since taken that property off the market.
Mr. Greene mentioned he has been quietly buying the Manalapan properties for some time, however is now lastly hiring a dealer to market them. The itemizing comes because the Manalapan market is hitting file highs. In June,
bought a $173 million dwelling in Manalapan, setting an space file.
Up to now, Manalapan properties tended to be cheaper than these in Palm Seashore, however that’s altering, in response to itemizing agent Christian J. Angle. “Now the key is out,” he mentioned.
Mr. Greene mentioned he doesn’t anticipate the Palm Seashore-area market to dip considerably, regardless of financial headwinds.
“There are so few nice houses and most of the people there by no means promote,” he mentioned. “As soon as they get their home, they’re there for the remainder of their lives. It’s the final cease. They’re not going to choose up and transfer to Jacksonville.”
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Appeared within the August 5, 2022, print version as ‘Billionaire Jeff Greene Lists Neighboring Waterfront Properties Exterior Palm Seashore.’