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

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.