In Manalapan, Florida, WeatherTech CEO David F. MacNeil has purchased a nearly finished $95 million mansion for $55.5 million, intending to demolish it to incorporate the land into his existing estate. This acquisition, identified by the Palm Beach Daily News, highlights MacNeil's strategic advantage of being a neighbor. According to seller Joe Farrell, who invested $32.5 million in the property originally, the decision to sell rather than complete the mansion was based on reducing market risk and securing a reliable return.
"I could have finished it in 14 months and sold it for a lot more," Farrell told the Wall Street Journal. "But you have market risk and all that additional capital layout. I saw an opportunity and left the casino early. I said, 'Come on, get your coat. We're outta here.'"
The luxurious dwelling, which is still in the process of being built, was originally listed in August 2024 and is now pending offer.
MacNeil has no plans to actually reside in the modern megamansion, according to its seller and creator, Joe Farrell, who revealed to the Daily News that the buyer plans to demolish the dwelling and add the land on which it sits to his existing estate.
It remains unclear just how much profit Farrell will make in the deal. Records show that he bought the original property for $32.5 million in 2024.
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