Now, though, the property is off the market. It no longer appears on Realtor.com or Zillow.com, sites that show properties marketed in the multiple listing service. Nor is the Ziff estate on the site of Premier Estate Properties, the company that was marketing the mansion. No deed has been recorded recently by the Palm Beach County Clerk’s Office.
According to the MLS, the listing was canceled after 456 days on the market.
The 15.7-acre estate at 2000 S. Ocean Blvd. includes 1,200 feet of oceanfront, a 33-room mansion and a tunnel under A1A. It had been shopped off the MLS for about a year before it hit the listing service last year.
The most dramatic price declines came in Palm Beach, where the average sales price of the top 10 percent of houses fell 23 percent to $7.2 million. The median sale price was off 29 percent, to $5.8 million.
Yet the average price per square foot climbed 10 percent to $1,493. That shows the market isn’t crashing, just shifting to smaller homes, said Jonathan Miller, the New York analyst who prepared Douglas Elliman’s report.
“The bigger product isn’t moving, and the sales are skewing to the lower end,” Miller said.
Other findings, for the top 10 percent of single-family sales in each market:
In Delray Beach, the average sales price plunged 38 percent to $2 million and the average price per square foot fell 25 percent to $414. The median sale price was off 12 percent, to $1.7 million.
In Jupiter, the average sales price fell 1 percent to $2.4 million and the average price per square foot dipped 1 percent to $469. The median sale price cratered 25 percent, to $1.8 million.
In Wellington, the average sales price rose 14 percent to $1.7 million and the average price per square foot jumped 24 percent to $426. But the median sale price plummeted 33 percent, to $1 million.
Dr. Krishna Tripuraneni, who’s serving a federal prison sentence for tax fraud, just sold his oceanfront mansion in Manalapan for $20.2 million, according to a deed.
The 16,000-square-foot home is at 840 S. Ocean Blvd. The mansion had been on the market for $27.5 million.
The buyer is an entity identified only as 840 South Ocean Boulevard Land Trust.
Tripuraneni, a gastroenterologist, failed to report $18 million in income from 2004 to 2008, federal prosecutors charged. In 2015, he was sentenced to two years and was ordered to pay the IRS $11.8 million in delinquent taxes, interest and penalties.
The feds said Tripuraneni used unreported income to build his extravagant Manalapan home and make mortgage payments on condominiums. He reportedly also used the money to pay tuition expenses for his children.
The seller was 920 South Ocean Blvd. LLC, an entity associated with Charles Davidson, the chief investment officer of Wexford Capital in Hartford, Connecticut. The buyer is JSEJ LLC of Philadelphia.
Boxing promoter Don King sold the property in 2011 for $8.9 million. The new owner tore down the old house and build a new 14,000-square-foot mansion. Christian Angle, the agent who listed the property, declined to comment.
The listing agent is Pascal “Pat” Liguori of Premier Estate Properties in Boca Raton. The house is a dramatic departure for McKinney, who long specialized in oceanfront palaces. The idea, he said earlier this year, is that super-wealthy buyers want luxury but not the hassles of owning massive palaces.
“They want all the grandeur, all the opulence, all the artistry we’re offering, but they don’t want it in 10,000 square feet,” McKinney said.
According to the listing:
“Unique amenities include a 650 sq. ft. master bedroom suite with azure-blue glass vanity tops and a second floor glass shower with trees reaching into it, extremely rare sea-glass kitchen countertops, a dining table crafted from a single piece of driftwood, an LED-illuminated living reef aquarium wall, a sun deck floating between two pools + a wading pool, numerous illuminated water walls, and exotic tropical foliage.”