Billionaire Randal Kirk has found a buyer for his oceanfront mansion in Manalapan after reducing the asking price by $44 million. The property was initially listed for $134 million in September, according to Zillow, but was removed from the market and relisted this month at $90 million. Margit Brandt with Premier Estate Properties is handling the listing.
The sale is among 22 luxury home contracts signed between January 5 and January 12 in Palm Beach County, as reported by Douglas Elliman’s Eklund-Gomes team. These pending homes had a combined asking price of $246.1 million and spent an average of 159 days on the market.
The report tracks single-family homes and condos listed at $3 million or more in the Beaches MLS. Last week, there were 56 new listings, bringing active inventory to 1,212 properties.
Of last week’s pending sales, 20 were single-family homes and two were condos. Condos averaged an asking price of $6.7 million ($1,595 per square foot) and stayed on the market for about 225 days on average. Single-family homes averaged $11.6 million ($1,844 per square foot), spending around 92 days on the market before going under contract.
Kirk’s estate at 820 South Ocean Boulevard spans approximately 15,500 square feet on a 2.3-acre ocean-to-lake lot with 215 feet of beach frontage. The compound includes a main house, guest house, two pools, tennis court, dock, nine bedrooms, sixteen bathrooms plus three half-bathrooms, theater, spa facilities, gym and wine room. Kirk purchased the property for $25.5 million in 2011; he is executive chairman of private equity firm Third Security and has an estimated net worth of $1.6 billion as reported by Forbes.
The next most expensive contract last week involved a home at 210 Wells Road in Palm Beach that was listed for $24.9 million. Seller Gregory Borchardt is president and CEO of Consolidated Electronic Distributors Corporation as well as co-founder of Caerus Ventures; his grandfather founded Recoton, which distributed consumer audio and video equipment during the late twentieth century. Borchardt renovated the property in 2024 before listing it for $26.9 million; its price was reduced twice over the past year according to Zillow records. Christian Angle with Christian Angle Real Estate holds that listing.
