Billionaire Randal Kirk has secured a buyer for his oceanfront mansion in Manalapan, Florida, after reducing the asking price by $44 million. The property was most recently listed at $90 million.
The sale is among 22 contracts signed for luxury properties in Palm Beach County between January 5 and January 12, according to Douglas Elliman’s Eklund-Gomes team. The total asking price of these pending homes reached $246.1 million, with an average time on the market of 159 days.
The Eklund-Gomes report monitors contracts for single-family homes and condos listed at $3 million or more in the Beaches MLS. Last week, there were 56 new listings and a total of 1,212 active listings.
Of the properties under contract last week, 20 were single-family homes and two were condos. Condos averaged an asking price of $6.7 million ($1,595 per square foot) and spent about 225 days on the market. Single-family homes had an average asking price of $11.6 million ($1,844 per square foot) and remained on the market for an average of 92 days.
Kirk’s property at 820 South Ocean Boulevard is a 15,500-square-foot estate that spans from ocean to lake on a 2.3-acre lot with 215 feet of beach frontage. The compound includes a main house, guest house, two pools, tennis court, dock, nine bedrooms, sixteen bathrooms plus three half-bathrooms, a theater, spa facilities, gym and wine room.
Kirk serves as executive chairman of private equity firm Third Security and is reported by Forbes to have a net worth of $1.6 billion. He purchased the estate in 2011 for $25.5 million; it was originally built in 2007.
He first listed the property for $134 million in September before withdrawing it from the market and relisting it this month at its current price with Margit Brandt of Premier Estate Properties.
The second highest-priced contract last week involved a home at 210 Wells Road in Palm Beach listed at $24.9 million. Records indicate that electronics executive Gregory Borchardt owns this property; he is president and CEO of Consolidated Electronic Distributors Corporation and co-founder of Caerus Ventures. Borchardt renovated the home in 2024 before listing it for sale that year at $26.9 million; subsequent price reductions followed before reaching its current level with Christian Angle Real Estate handling the listing.
