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n empty parcel adjacent to Oracle founder Larry Ellison’s Florida estate is now listed for $75 million, a steep $210 million cut from its earlier $285 million asking price. The new figure applies solely to the land; the original offer included pre‑approved plans for a 55,000‑square‑foot luxury residence, making it the most expensive new‑construction property on the market.
The price drop follows “evolving market dynamics and significant buyer feedback,” according to a press release issued Friday morning. The seller, developer and former Manalapan mayor Stewart Satter, is represented by Nick Malinosky of the Exclusive Group at Douglas Elliman.
Malinosky told The Post that five serious buyers—mainly from the Northeast and California—had shown interest in the $285 million project. Each asked whether they could purchase just the land. “Ultra‑wealthy buyers want to build their own homes, with their own staff and amenities,” he said, prompting the shift to a land‑only listing.
Manalapan, home to roughly 400 residents, offers large, private lots and a high‑tax‑friendly environment that has attracted affluent buyers since 2020. “Ninety percent of the homes on the Intracoastal or ocean side are substantial properties,” Malinosky noted, adding that demand surged after COVID.
Ellison, who owns the neighboring compound, has poured hundreds of millions into the town. In August 2024 he paid $277 million for Eau Palm Beach Resort & Spa, the largest local employer. His portfolio also includes a Four Seasons resort in Hawaii, California’s Nobu Ryokan Malibu, and the Sensei Porcupine Creek.
Current mayor John Deese told Bloomberg that Ellison plans to transform the resort into a world‑class destination. With a median sale price in the multi‑million range, Manalapan’s market remains highly exclusive, according to Redfin.
The original $285 million plan, still on the table, received city approval this summer. Developed with RWB Construction Management, Marc‑Michaels Interior Design, and architect Choeff Levy Fischman, the proposed mansion would feature a shooting range, bowling alley, car museum, padel court, and more. Its façade would span over 700 feet of combined Intracoastal and ocean frontage, with floor‑to‑ceiling windows soaking in the view.
If the full project sells, it would eclipse the $225 million Naples mansion, currently the most expensive home sale in Florida. The land‑only listing reflects buyers’ desire to craft bespoke estates and control over design. The 4‑acre parcel’s pre‑approved plans envision a 55,000‑sq‑ft home with a shooting range, bowling alley, car museum, and padel court, offering sweeping views of both the Intracoastal and the Atlantic—a rare feature in Manalapan. The property’s size and frontage make it a coveted asset for developers, while the original plan’s amenities cater to the ultra‑wealthy’s lifestyle expectations.
