Billionaire Randal Kirk’s Manalapan estate is under contract again after a $15 million price cut, according to a March 18 report. The property, which stretches from the ocean to the lake, is among 21 luxury homes in Palm Beach County that went pending between March 9 and March 15.
The report from Douglas Elliman’s Eklund-Gomes team highlights continued activity in the high-end real estate market. Last week’s pending contracts for properties listed at $3 million or more totaled $255.4 million in asking volume, with an average of 110 days on the market. This follows the previous week when buyers signed 32 contracts totaling $304.9 million.
Of last week’s pending deals, 19 were single-family homes and two were condos. The average asking price for condos was $5.7 million, or $1,572 per square foot, while single-family homes averaged $12.8 million, or $2,017 per square foot.
Kirk’s estate was previously listed at $90 million in January before returning to market at $75 million in February—a reduction of about 17 percent. The compound spans 2.3 acres and features a guest house, two pools, a tennis court, dock, and over 200 feet of beach frontage. The main house includes nine bedrooms and numerous amenities such as spa facilities and a wine room.
Kirk is known as a biotech entrepreneur and founder of Third Security private equity firm with an estimated net worth of $1.6 billion according to Forbes. He purchased the property for $25.5 million in 2011; Margit Brandt with Premier Estate Properties holds the listing.
Another notable transaction last week involved Myron “Mosie” Miller’s waterfront home at 1246 North Lake Way in Palm Beach, which went under contract at its asking price of $34.9 million after recent renovations.
