An information technology CEO from Maryland sold a waterfront Manalapan mansion for $17.1 million, four years after listing it for $34.9 million.
Records show Charles M. Adams sold the home at 110 Churchill Way to Martin and Jean Shafiroff in an off-market deal.
Martin Shafiroff is a wealth management adviser. He left his longtime position at New York-based Stifel Financial, where he oversaw $540 million in assets, for Wells Fargo in March, Barron’s reported. Jean Shafiroff is an author.
Adams is CEO of Maryland-based Adams Communication & Engineering Technology, an information technology firm that focuses on clients within the intelligence community, U.S. Department of Defense, Veteran Administration and other federal sectors. Records show he also owns a 1.5 acre estate in North Palm Beach’s gated Seminole Landing community. He bought the property for $1.5 million in 2015 and built the 17,600-square-foot home in 2019.
Adams bought the 0.7-acre Manalapan property for $1.7 million in 2017, records show. He built the 14,800-square-foot mansion in 2021. It includes six bedrooms, eight bathrooms, one half-bathroom, a theater, 250 feet of waterfront and a dock.
He first listed it in 2021 asking $34.9 million, Zillow shows. The home has been on and off the market since then, asking as much as $35.9 million before a series of price cuts. The most recent asking price was $23.5 million in March.
Manalapan has become a hotbed of luxury real estate deals in recent years. In May, WeatherTech founder David MacNeil dropped $55.5 million on a second oceanfront property in the town, bringing his total amount spent there to $96 million. In August, Sonny Kahn, a founding partner with Miami-based Crescent Heights, bought an oceanfront estate for $28 million.
One of the most expensive homes for sale in the entire country is in Manalapan, developer Stewart Satter’s 4-acre spec estate asking $285 million. The compound includes a 50,390-square-foot main house, guest house, boathouse, beach house, car museum, bowling alley, shooting range, padel court, gym, spa, theater and golf simulator.
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