Palm Beach billionaire Jeff Greene has expanded his sizable Florida real estate holdings by purchasing the southernmost property in Manalapan, the 4020 S. Ocean estate formerly owned by longtime resident Ken Brown.
Greene was the sole participant in a bankruptcy court ordered auction April 8, handled by Fisher Auction Co.
According to auctioneer Lamar Fisher, “Greene paid the $6.5 million minimum bid and 6 percent brokers fees for a total of $6.89 million.”
The 2.39 acres estate reaches from the Atlantic to the Intracoastal Waterway and is just north of the Boynton Inlet. It was once appraised at $11 million and is currently taxed at more than $3.3 million.
Jeff Greene said he loves the property. “It’s a good value, a fantastic location. Right next to the Boynton Inlet, if you want to get out into the ocean, you can’t get any better than that. And the deck. Isn’t that a great thing? It feels like you are standing out in the middle of the water.”
He bought it as an investment property, and he’s not sure what he’ll end up doing.
“We have lots of choices. Right now, we are working on getting it closed, and then we’ll decide. We might fix it up, subdivide it, resell it. We may clean it up and rent it until we decide what to do with it.”
— Christine Davis