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Medical entrepreneurs want $44M for their Manalapan mansion

Medical entrepreneurs want $44M for their Manalapan mansion
Home boasts tennis court, two-story waterfall and infinity-edge pool
October 06, 2016 12:00PMBy Sean Stewart-Muniz

1340 South Ocean Boulevard

David and Margaret Lumia, two entrepreneurs who enriched themselves in the 1990s by founding a medical manufacturing firm, have put their expansive Manalapan estate for sale at $43.9 million — the fourth most expensive home on the market for the ritzy barrier island.
The two-acre compound at 1340 South Ocean Boulevard has a little more than 19,000 square feet of living space spread between a main two-story house on the ocean and a separate guest house. Its grounds span the entire width of the island, housing a tennis court and a dock on the Intracoastal Waterway. Its asking price breaks down to $2,310 per square foot.
According to listing with broker Jeffrey Ray of Jeffrey Ray LLC, the eight-bedroom, 11-bathroom estate also boasts an infinity edge pool, a two-story man-made rock waterfall, and a three-story open air tower attached to the main home.
County records show the Lumias bought the home in 2008 for $10.25 million and built the guest house, an addition to the main home as well as the swimming pool.
At the $43.9 million asking price, the Lumias’ home is Manalapan’s fourth-priciest listing. The first is the Ziff family’s massive estate that’s asking $195 million, one of the country’s most expensive homes up for grabs.
David and Margaret Lumia are known for founding medical manufacturing company Excelsior Medical Corp., which produced and sold a plethora of devices like pre-filled flush syringes. The company was acquired by RoundTable Healthcare Partners in 2004 for an unknown amount.

Source: The Real Deal

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