Megamansions in Florida’s Most Elite Enclaves Are Listed for Up to 5 Times Their Original Price

The rich are getting richer in Palm Beach County, FL, as properties continue to skyrocket in price.

One property in particular is turning heads: a listing for a Manalapan megamansion with a price tag of $134 million. That's five times more than what it was originally sold for in 2013, according to Realtor.com® data.

"It is arguably one of the most exclusive and private communities in the country, perhaps even more so than Palm Beach," says local agent Antonio Liguori, of Premier Estate Properties, whose family has been selling in the area for 25 years.

The waterfront estate has 22,355 square feet of living space and 2.31 acres of prime land buffered by the Atlantic Ocean and the Intracoastal Waterway—offering dual waterfront access.

With a tiny population (approximately 420) and located 8 miles directly south of Mar-a-Lago, the town with a staggering $38.5 million median list price is quickly becoming an alternative for those who want a more subdued and private Palm Beach experience.

"The people who buy in Manalapan can buy anywhere in the world," adds local agent Nick Malinosky, of The Exclusive Group at Douglas Elliman, who has been selling property on the isle for 20 years. "These are the who's who of billionaire clients. It's not like Manalapan was their second choice."

Another compound at 820 S Ocean Blvd. has "215 feet of direct ocean frontage," with the listing calling it "bar none one of the most important residences to ever become available in South Florida."

The 2007-built property last changed hands in 2011 for a mere $23.5 million, according to property records. The $1,177 per square foot it once commanded has now exploded to $5,994—more than five times the initial price.

Normally, when a resale price jumps five times its original price in a little over 10 years, there is new construction involved, but that doesn't appear to be the case here.

Listing agent Margit Brandt would not comment on the listing.

But there's little doubt the "Mediterranean marvel" is unique: It comes with not only a separate guesthouse but also a dedicated security house. Then, there's not only one but two pools, nine bedrooms, no fewer than 16 bathrooms, a resurfaced tennis court, and a six-car garage.

"The overall ambiance channels the timeless romance and regal sophistication of the most storied European villas," crows the listing. "This is not merely a home, it's a legacy, trophy residence destined to host and entertain the world's most discerning buyers."

Realtor.com had previously reported that the mansion was owned by Randal J. Kirk, a pharmaceuticals and biotechnology investor. The Palm Beach County appraiser shows the property is owned by 820 South Ocean Trust and Alvarez Cesar L Trust (an international law firm).

Brandt tells Realtor.com that if buyers in the county want large estates with beach and lake access, then they must come to Manalapan.

In Palm Beach, "you have the road between you and the ocean," she says. "Ocean-to-lake and direct sandbank is the norm here."

"If you want to buy a 30,000-square-foot house that's ocean-to-lake and new, beautiful, and gorgeous and you have an endless budget, those homes [in Palm Beach] are asking $300 million to $400 million, or more likely, aren't even for sale."

Manalapan prices might seem fantastical, but Brandt believes they're a comparative bargain.

"We're in the early stages of growth here," she says. "It's good value price per foot. If you look at it five or 10 years from now, the value will go up even more."

Local agent Nick Malinoksky, with Douglas Elliman, who represents the town's most expensive listing, a $285 million 50,000-square-foot modern spec manse on almost 4 acres, says that the $134 million price tag on the 20-year-old mansion could make sense for the right buyer.

"It sounds like they are trying to take advantage of a buyer who will fall in love with that property," he tells Realtor.com. "That one buyer who just has to have it."

In general, homes in the $100 million price range are new construction, which is seemingly not the case with the older Mediterranean-style property.

"You may find someone who just falls in love with it," says Malinosky of the mansion.

"Manalapan is unbelievably hot right now, and sometimes an issue you run into with that is sellers might have unrealistic expectations," he adds.

But finding that one discerning billionaire who can afford these properties doesn't happen overnight, which is reflected in the area's 145 median days on the market.

"These buyers can buy anywhere in the world, so the property has to be really well kept, present a great opportunity, and also check all the buyers' individual boxes," Malinosky says of the Manalapan typical buyer, who is usually from either New York City or California.

"Taxes, politics, and crime" are what the agent says these megawealthy buyers are fleeing.

Manalapan: Getting hot

Manalapan may have once been Palm Beach's wallflower cousin, but Malinosky says it is "on the map."

The heat turned up in June 2002 when tech billionaire Larry Ellison bought a 22-acre waterfront property in town for $173 million.

The resort owner and friend of President Donald Trump was recently tapped to help run TikTok.

Then in August 2024, Ellison spent an eye-watering $277 million to snag Manalapan’s largest structure and biggest local employer, the Eau Palm Beach Resort & Spa, which will have a Nobu restaurant.

Ellison has teamed up with Robert De Niro and chef Nobu Matsuhisa to bring their Nobu restaurants to his various high-end resorts.

Other megarich neighbors on the barrier island include wellness guru Tony Robbins, WeatherTech founder and CEO David F. MacNeil, wealth management expert Robert Fessler, and Fox News host Sean Hannity. A Vanderbilt mansion, Eastover, still stands at 1100 South Ocean Blvd.

What's available if you have multiple millions

There are currently 27 active listings in Manalapan, all with eye-popping price tags, including the $285 million 50,000-square-foot modern spec manse on almost 4 acres, which hasn't been built yet.

If it does get built, there are spectacular planned amenities such as a 3,700-square-foot infinity pool, a private bowling alley, a luxury car showroom, and a movie theater. But what truly makes this listing stand out is its indoor shooting range.

"Oddly enough, we've had clients ask for that," Malinosky tells Realtor.com

The agent says he has received numerous inquiries about the property, which has been on the market for 265 days. However, many potential buyers want only the land so they can build their dream home.

The second most expensive listing in the township is a $150 million nine-bedroom manse at 1370 S Ocean Blvd. on 2.83 acres. Described as "Modern Balinese inspired," the estate boasts 300-plus feet of water frontage and was "completely reimagined" in 2015.

The cheapest listing is a $3 million two-bedroom condo. In a town where a small parcel of empty land can easily run $10 million, that seems like a bargain.

The Florida Keys

Should you find yourself priced out of Manalapan, you may want to head 145 miles south to the Florida Keys, specifically to Islamorada, which is beginning to make a splash.

Barstool Sports President Dave Portnoy reportedly just bought a $27.75 million compound in the picturesque village, setting a record for the area.

The sale price is 12 times the price it was last sold for in 2019, according to Realtor.com property data.

The eight-bedroom, 9.5-bath, 10,228-square-foot manse at Overseas Highway on a 1.65-acre lot was originally listed for $31.2 million.

"He loved the view," listing agent Leslie Leopold, of Ocean Sotheby’s International Realty, told the Wall Street Journal. "There’s a pizza oven in the outdoor kitchen, which he noticed right away."

Portnoy is a known pizza fanatic who hosts the One Bite Pizza Festival and travels the country reviewing local pizzerias.

Leopold said the luxury market in the Florida Keys, a string of islands south of Miami, has been growing as older homes have been renovated or replaced with new construction.

The Islamorada house is the latest addition to Portnoy’s roughly $95 million portfolio of luxury real estate in New York, Massachusetts, and Florida, according to the outlet.

Portnoy isn't the only high-profile newcomer to the Keys.

In 2024, "Anyone but You" actress Sydney Sweeney reportedly shelled out $13.5 million for a six-bedroom mansion in Summerland Key, 23 miles north of Key West—which is still famous for legendary author Ernest Hemingway's Spanish Colonial.

Sweeney managed a 25% discount on the property, which was originally listed for $17,999,900.