New record: Manalapan mansion sells for $33 million

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The oceanfront estate at 800 S. Ocean Blvd. sold this week for $33 million, a new record for a house in Manalapan. [Note: This item originally published in September 2015.]

It’s not Manalapan’s priciest deal ever, though. Mansion builder Frank McKinney in 2005 paid $42.5 million for 8.8 acres of vacant land along the ocean.

The newly built palace includes 15,000 square feet of air conditioned space, two fireplaces, two pools and a tennis court. Jim McCann of Corcoran Group was the listing agent. The property was most recently listed at $34.9 million.

UPDATE: The buyer is NNCID, a Delaware company. A $20 million mortgage on the property is signed by Jim Perkins of Worldwide Management.

The Shiny Sheet has more details on the deal.

Amid FTC scrutiny, questions about Staples-Office Depot merger

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Federal trust busters continue to examine the proposed marriage of Staples and Office Depot, and the scrutiny has hurt shares of Boca Raton-based Office Depot.

A loss for shareholders could be a win for Palm Beach County’s economy. If the Federal Trade Commission approves the deal, the region would lose a Fortune 500 headquarters.

The Wall Street Journal reports today that the FTC’s slow decision has made the merger look less likely:

The antitrust review is continuing and the commission hasn’t yet decided whether to approve or challenge the merger, according to several other people familiar with the matter. The commission has until mid-October to decide, though that deadline could be extended if the companies give the FTC more time. …

Investors have lingering questions about whether the combination will pass muster. Office Depot shares are trading at a roughly 25% discount to the proposed deal price. Staples is offering to pay $7.25 in cash plus 0.2188 of its shares for each Office Depot share. The deal values Office Depot at about $10.35 a share versus its current price of $7.64.

Office Depot’s only comment about the increased scrutiny is a cryptic press release.

As Palm Beach County prices bounce back, fewer homes underwater

IMG_0321-0In the dark days of the housing crash, fully 44 percent on Palm Beach County homeowners owed more than their houses wre worth. Now, though, the percentage of underwater homeowners has dropped to 13.7 percent, according to Zillow.

Condos remained more likely than houses to be underwater in South Florida in the second quarter, Zillow says.

https://public.tableau.com/views/Neg-eq-2015/Dashboard1?:embed=y&:display_count=yes&:showTabs=y

See how much Burt Reynolds slashed his asking price to sell his mansion

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After marketing his Tequesta estate for years, Tinseltown icon Burt Reynolds finally sold the property at 16815 SE Federal Highway.

The home fetched $3.3 million — way off the $15 million Reynolds originally listed the house for, and well below the latest asking price of $4.9 million. Listing agent Douglas Rill of Century 21 America’s Choice Realty declined to comment.

» Related: Burt Reynolds honored as a “Legend”

Why such a steep discount? Listing photos posted on Realtor.com last year showed decor, counters and wall coverings that date to the Cannonball Run era.

“The house is in disrepair, greatly so, and it’s a big house, so it’s going to cost a lot to fix,” said buyer’s agent John Sanders of Golden Bear Realty.

Sanders wouldn’t name the buyer, and a deed hadn’t been recorded as of Tuesday afternoon. The sale closed Thursday.

Reynolds paid $700,000 for the property back in 1980. The long, skinny 3.4-acre parcel is bordered by the Intracoastal Waterway to the east, Jonathan Dickinson State Park to the north and U.S. 1 to the west.

Martin County’s property appraiser pegs the property’s value at $3.4 million, while Zillow said it was worth $6.4 million. Built in 1975, the 12,500-square-foot house hadn’t been updated in years, said Realtors familiar with the property.

Reynolds, of course, is a Palm Beach County native who appeared in Deliverance, Smokey and the Bandit and Boogie Nights, among other films.

» MORE ON BURT REYNOLDS: