A couple who in late 2020 sold their Palm Beach house to “Rocky” star Sylvester Stallone has closed a deal for nearly $71 million deal to sell an estate they bought around the same time in Manalapan, the wealthy town to the south.
Entrepreneurs Ron and Cindy McMackin sold the seven-bedroom, ocean-to-lake estate at 1660 S. Ocean Blvd. in Manalapan — with a tunnel to the beach — to a Florida limited liability company, the deed recorded June 18 shows. That company, Building.Florida.Home LLC, has a Seattle mailing address that matches that of WE Trust Co., which offers “professional fiduciary services,” according to its website.
The buying entity is co-managed by a Washington-registered company, 3 Minute Boots LLC, which has the same Seattle mailing address listed on the deed, business records show. Public records in Washington list Gabe Newell of as the “governor” of 3 Minute Boots LLC. Newell, a billionaire, co-founded and is is CEO of the video-game development and digital distribution company Valve Corp., a Washington company headquartered in Bellevue near Seattle.
The price recorded with the deed was $70.85 million.
In December 2020, the McMackins paid a recorded $38.875 for the contemporary-style house. They bought it new from its developer, former town Mayor Stewart A. Satter, who lives next door. The McMackins then carried out renovation projects at the three-level house, which Satter had built on speculation.
Measuring about 2 acres, the Manalapan estate faces about 165 feet of frontage on the Intracoastal and about the same amount on the ocean. The McMackins’ renovations slightly expanded the house, from 20,825 square feet to 22,990 square feet of living space, inside and out.
A couple of weeks before their Manalapan purchase, the McMackins had sold Stallone their lakefront compound at 1480 N. Lake Way in Palm Beach for a recorded $35.375 million. The Hollywood icon has since extensively renovated the estate with his wife, Jennifer Flavin Stallone.
The McMackins have ties to Hawaii and California, where Ron McMackin is chairman of Pan-Pacific Mechanical, a family pipe design and manufacturing business. The McMackins were in the process of moving from Hawaii into their Palm Beach house when the sale to Stallone interrupted their plans, Ron McMackin said at the time.
The deed for the sale the McMackins just closed lists their address as 1860 S. Ocean Blvd. in Manalapan, where they have been busy building a new house, records show. They bought that 2½-acre, ocean-to-lake property through a limited liability company for $26.78 million in July 2022, property records show, and then razed an outdated house there to accommodate their new one.
The bulk of the property the McMackins just sold lies west of South Ocean Boulevard on the lake. The tunnel beneath the roadway connects that lakeside portion of the estate to a narrower beach parcel with a cabana.
Agent Margit Brandt of Premier Estate Properties was the listing agent. She had priced the property at $85 million when it entered the market in December, and the price never wavered, the multiple listing service shows.
Brandt’s sales description said the property “captures the epitome of private resort living in South Florida” as a “fully automated, turn-key seaside compound” with dramatic water views.
Brandt and Ron McMackin declined to comment about the sale.
Forbes estimates Newell’s fortune at $11 billion. He could not immediately be reached.
Valve Corp., Newell’s company, has created video games like Half-Life and Portal, according to a brief profile on Forbes.com. The company also has achieved success “through Steam, a digital platform for buying, selling and playing video games,” Forbes said.
The estate includes a lakeside pool with a whirlpool spa and a loggia with a summer kitchen. Other amenities include a 240-bottle wine cellar and a full “wellness” wing that includes a massage area and gym on the lower level. There’s also a guest apartment.
The west lawn leads down to the lakeside, where the seawall has a boat lift.
Satter built the residence through his real estate company, Carnegie Hill Development Corp., which has developed other houses in Manalapan. The house was constructed by contractor Robert Burrage of RWB Construction.
Satter made headlines recently when he sold part of a 4-acre lot in Manalapan at 1960 S. Ocean Blvd. to a neighbor next door, WeatherTech billionaire David M. McNeil, for $32 million. Satter confirmed for the Palm Beach Daily News that the other half of the lot is expected to sell for $35 million to the neighbor on the other side, Oracle Corp. billionaire Larry Ellison, in a deal that could close in the next few weeks.
The Wall Street Journal was the first media outlet to report the real estate activity at 1960 S. Ocean Blvd.
The McMackins’ employee-owned company also has Hawaii offices in Honolulu and California locations in Fountain Valley and Fremont. The firm sells, engineers and constructs piping systems for commercial, public works and residential projects, according to its website.
Stallone deal
The McMackins had owned their Palm Beach compound for a little more than two years before they sold it to Stallone, who used a trust to buy it. The Palm Beach house was completed in 2014 and encompasses 1½ acres with 253 feet of lakefront. It features a dock and a sandy beach beyond the seawall.
The Stallone estate includes a two-story main residence, a separate guesthouse and a pool pavilion. When it sold in 2020, the property had seven bedrooms and 13,241 square feet of living space, inside and out, according to a sales listing.
The Oscar-nominated star of the “Rocky” and “Rambo” movie franchises is married to entrepreneur and former model Jennifer Flavin. The couple has declared the Palm Beach estate to be their primary residence.
In the 2020 Palm Beach deal, broker Christian Angle of Christian Angle Real Estate represented Stallone’s interests, and broker Lawrence Moens of Lawrence A. Moens Associates acted on behalf of the McMackins. Moens also represented the McMackins in their 2020 Manalapan purchase at 1660 S. Ocean Blvd, negotiating opposite listing agent Pascal Liguori of Premier Estate Properties.
In 2022, Moens returned to represent the McMackins when they purchased 1860 S. Ocean Blvd. In that sale, the listing agent was Shelly Newman, who was then affiliated with William Raveis South Florida but today is with the Corcoran Group.
(This story was updated to add new information.)
This is a developing story. Check back for any updates.
Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Daily News: Couple with link to Sly Stallone sell estate for $71M near Palm Beach
Reporting by Darrell Hofheinz, Palm Beach Daily News / Palm Beach Daily News
USA TODAY Network via Reuters Connect
By Darrell Hofheinz, Palm Beach Daily News | USA TODAY Network
