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David MacNeil Of WeatherTech Acquires Under-Construction Mansion From Joe Farrell In Manalapan For $55.5M

Property Image
SOLD
$55,500,000

Florida

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Single Family23,399 SF
Sold 03/15/2025
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Property Image
SOLD

David MacNeil Of WeatherTech Acquires Under-Construction Mansion From Joe Farrell In Manalapan For $55.5M

1140 South Ocean Boulevard

See Similar Deals
Single Family23,399 SF
Sold 03/15/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Single Family
Price Per Square Foot:$2,371
Total Square Footage:23,399 SF
Transaction Type:Sale

The asset involved in this transaction is a single-family property located at 1140 South Ocean Boulevard in Manalapan. The property is currently under construction and has a price of $55,500,000. It encompasses a total of 23,399 square feet, equating to a price per square foot of $2,372.

Summary of transaction details:

  • Property Type: Single Family
  • Transaction Amount: $55,500,000
  • Buyer: David MacNeil - WeatherTech
  • Seller: Joe Farrell - Farrell Companies
  • Market: Manalapan
  • Total Investment: $91 million across 3.6 oceanfront acres

In this transaction, David MacNeil, CEO of WeatherTech, aims to purchase the under-construction mansion with intentions to demolish it and expand his adjacent estate, previously acquired for $38.5 million. The seller, Joe Farrell, was set to develop a luxury home valued at $95 million on the land.

Players

DM
WeatherTech
David MacNeil
5 deals$204M volume
BUYER
FC
Farrell Companies
SELLER

Details

SOLD
IMAGE: - UNDER CONTRACT IMAGE: Joe Farrell & David MacNeil DATE: 03/15/2025 ADDRESS: 1140 South Ocean Boulevard MARKET: Manalapan ASSET TYPE: Single Family BUYER: David MacNeil - WeatherTech (@WeatherTech) SELLER: Joe Farrell - Farrell Companies (@TheFarrellCompanies) PRICE: $55,500,000 SF: 23,399 ~ PPSF: $2,372 NOTE: WeatherTech CEO David MacNeil is buying an under-construction mansion at 1140 South Ocean Boulevard in Manalapan for $55.5 million, with plans to demolish it and expand his adjacent $38.5 million estate. The seller, spec home developer Joe Farrell, initially planned to develop a $95 million luxury home on the land. This makes MacNeil’s total investment in the area at $91 million across 3.6 oceanfront acres.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,959,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$197,179.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$263,098.31
Annual Debt Service$3,157,179.78