A financier is on the buyer’s side of a sale just recorded at $25.75 million for an ocean-to-lake estate in Manalapan, which was sold by music equipment manufacturer Hartley D. Peavey and his wife, Mary.
The off-market sale of 1200 S. Ocean Blvd. marks the latest of several deals this year that have topped $20 million in Manalapan, the wealthy town south of Palm Beach.
The buyer was a Florida limited liability company named after the property’s address and managed by Nobel and Ruchi J. Gulati, who recently bought a waterfront house in Jupiter, courthouse and business records show.
Nobel Gulati is the former CEO of Two Sigma Advisors, a New York City-based hedge fund, where his duties included overseeing asset-management divisions aimed at institutional investors, according to published reports.
On the sellers’ side, the Peaveys acted as trustees of a trust in Mary Peavey’s name, according to the deed recorded Aug. 6. Hartley Peavey also signed the deed individually. Records show he had been associated with the ownership of the property since 1989.
Dock, tennis court among the amenities
Built in 1997, the two-story house presides over 1½ acres and has 27,017 square feet of living space, inside and out, according to property records. The estate has about 150 feet of ocean frontage and the same amount of waterfront on its lake parcel west of the coastal road.
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With longtime ties to Mississippi, Hartley Peavey in 1965 founded Peavey Electronics Corp., which is described on its website as among the world’s largest makers and suppliers of musical instruments, amplifiers and professional audio systems. He is CEO and his wife is president of the firm, headquartered in Meridian, Mississippi.
The property is about a mile south of the Ocean Avenue bridge to Lake Worth. The estate includes a dock in the Intracoastal Waterway and a tennis court.
Broker Christian Angle of Christian Angle Real Estate confirmed he handled both sides of the Manalapan sale but declined further comment.
The Peaveys had the estate homesteaded in the latest Palm Beach County tax rolls.
More:Manalapan estate with oceanside mansion goes for $28 million: deed
In March, the Gulatis paid a recorded $8.6 million for their Jupiter house on Quayside Drive, according to records kept by the county clerk’s office. That house has five bedrooms and 11,300 total square feet on a half-acre lot, records show.
In the Jupiter transaction, agent Robert Thomson of Waterfront Property & Club Communities acted for the sellers, Gerald and Eugenia Mercadante, according to records in the multiple listing service.
Big deals in Manalapan
Since the start of the New Year, several properties have sold in Manalapan for more than $20 million, at least in part because high-quality waterfront estates in Palm Beach have become harder to come buy, real estate observers say.
In the largest of those sales, Netscape co-founder Jim Clark paid a recorded $94.17 million in March for the Ziff family’s massive estate — plus another $200,000 for part of a vacant island off its coast — just north of the Boynton Beach Inlet at 2000 S. Ocean Blvd. In that sale, agents Cristina Condon, Todd Peter and Frances Peter of Sothebys’ International Realty acted on behalf of the seller, while broker Lawrence Moens of Lawrence A. Moens Associates represented Clark.
This is a developing story. Check back for updates.
Darrell Hofheinz is a USA TODAY Network of Florida journalist. You can reach him at email@example.com. Help support our journalism. Subscribe today.