A Florida mansion next to Larry Ellison's is on the market for a record-setting $285 million. It hasn't been built yet.
A mansion near Palm Beach, Florida, that has yet to be built is on the market for $285 million.
The seller, who develops real estate as a hobby, paid $27.5 million for the property in March.
The mansion, with a car museum, padel court, and shooting range, is the US's priciest new home for sale.
A former CEO who develops real estate as a hobby has listed a South Florida mansion that hasn't been built yet for $285 million.
That asking price makes it the most expensive new home for sale in the US. (The country's priciest property for sale is a waterfront compound in Naples, across the state on Florida's west coast, on the market for $295 million.)
The $285 million property — in Manalapan, Florida, a barrier island with a population of just over 400 that's about 11 miles south of Palm Beach — is next door to the Oracle cofounder Larry Ellison's estate, which he paid $173 million for in 2022.
Stewart Satter, the seller of the planned estate, built his wealth by founding Consumer Testing Laboratories, a company that tested products for safety. He sold the firm in 2016.
Palm Beach County property records show a limited liability company managed by Satter purchased the property in March for $27.5 million. That same month, Satter demolished the existing property, according to the records.
The compound designed for the parcel is more than 50,000 square feet, with a separate beach house and a boat house, plus a bowling alley, a car museum, a gym and spa, a padel court, a golf simulator, and a shooting range.
Take a look at renderings that offer tantalizing glimpses into Satter's planned over-the-top mansion.
Satter is selling the 50,000-square-foot mansion "on spec," which means it's built by a developer with no specific buyer in mind.
"Someone spending $285 million is expecting everything," Satter told The Wall Street Journal. "And in that property, they're going to get everything."
Nick Malinosky, a Douglas Elliman listing agent, told Business Insider that one of the perks of purchasing a not-yet-built home is that the buyer can customize the plans as construction proceeds.
The house might take about 2 ½ years to complete, Malinosky said.
The property has 700 feet of water frontage on the Intracoastal Waterway and the Atlantic Ocean.
The amenities are lavish and include a car museum.
There's also an indoor shooting range.
An expansive wine cellar can hold the buyer's collection.
There's also a bowling alley.
To design the mansion, Satter tapped Robert W. Burrage of RWB Construction Management, a local homebuilder, the architecture firm Choeff Levy Fischman, and the interior designer Mark Tremblay of Marc-Michaels Interior Design.
There's a private tunnel connecting parts of the compound that runs underneath South Ocean Boulevard, a north-south road that parallels the Atlantic Ocean coastline.
There are eight bedrooms, nine full bathrooms, and seven powder rooms planned for the main house alone.
Another lot Satter owned sold with plans to build a mansion for the Campbell Soup heiress Mary Alice Dorrance Malone for $40 million after originally listing for $125 million, according to Realtor.com.
In 2022, Ellison purchased the property next door for $173 million, setting a record for the most expensive property sold in Florida.
Malinosky said the pricing of the unbuilt mansion at $285 million came from the value of the land itself and the home planned for it.
"I think buyers that are in this price point are coming to South Florida, and in many cases, the actual home does not excite them," Malinosky added. "So what we wanted to do was create something that is so unique, so special, and so brand-new that we could truly provide that discerning buyer with everything they want in their Florida property."
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