FORMER MANALAPAN POPE MANSION SELLS FOR $12MM

The 3-acre, 32,000 sq ft mansion at 1370 South Ocean in Manalapan was formerly owned by Lois and the late Generoso Pope, founder of The National Enquirer, and has changed ownership several times in the past decade.  The property was first owned by Leroy Clay Paslay and his wife Aileen.  He served as vice mayor and commissioner of Manalapan.  The Popes bought the estate in 1970.

The property, one of Manalapan’s most prestigious mansions, has 300’ of oceanfront and 72 rooms.  There are 8 bedrooms, 19 bathrooms, a 12-car garage, two elevators, tennis court with pavilion, guesthouse and a 2,000-bottle wine cellar.  There is an oceanfront grand salon, oceanfront gourmet kitchen with separate catering kitchen, movie theater, fitness center, games room, opulent office, marble basement, tropical pool with grotto waterfalls and swim-up bar, formidable seawall with retractable stairs to the beach, fully accessorized dock to accommodate motor yachts up to 200’.

Developer Frank McKinney marketed the property for $30MM, as the worlds most expensive spec home.  He had purchased it from Lois Pope for $15MM in 1999, spent $6MM remodeling, and sold it for $27.5MM.  In July 2004, McKinney’s company took back the property’s title for $19MM and sold it 2 months later to Peter and Tamara Lowe for $22.4MM.  The Lowes are motivational speakers who head Success Events International.

It was then sold by Peter S. and Tamara A. Lowe for an amount nearly equal to existing Bank of America liens on the property to Germantown-Seneca Joint Venture, about $22.5MM.  The joint venture company has now sold it for $12MM.