Luxury agent completes transaction significantly faster than the town’s average days on market

Kathryn Gillespie of Illustrated Properties, a member of The Keyes Family of Companies, has completed the $20 million sale of a waterfront mansion in Manalapan. The sale of the 1500 South Ocean Blvd. property closed on Dec. 20.

Gillespie secured the mansion listing from the seller, a Marcon family trust, in August 2018. She was able to achieve a 92 percent list-to-sale price and get the property sold in 118 days, while the average days on market for Manalapan homes above $10 million is 389 days. The seller has previously listed the home for 453 days without finding a buyer before hiring Gillespie.

Illustrated declined to disclose the buyer in the transaction.

This is the second-most expensive Manalapan sale in 2018 and the most expensive in the second half of the year.

“It was an absolute honor to successfully market this one-of-a-kind listing, which is as much of a work of art as it is a home,” said Gillespie. “We were able to leverage my strong ties to Palm Beach County and relationships, along with Illustrated’s powerful network – including its affiliations with Luxury Portfolio International and the Leading Real Estate Companies of the World^® – to achieve an incredible outcome.”

Located on a 1.6-acre lot, the six-bedroom home totals 11,673 square feet under air and includes nine full and three half-bathrooms. The estate has a total of 356 feet of waterfront property, of which 178 feet are on the Atlantic Ocean. The waterfront loggia, 60-foot concrete dock equipped with electricity and infinity edge pool and spa round out the amenities that provide the one-of-a-kind experience synonymous with the South Florida lifestyle.

Along with multiple bedroom balconies overlooking the Intracoastal Waterway, the Manalapan mansion includes a his and her master bath, private office, guest suite, gathering lounge, club/media room with state-of-the-art sound system and wet bar, fireplaces, exercise room, gourmet kitchen with Sub-Zero and Wolf appliances, wine chiller, elevator, upstairs and downstairs laundry rooms and four car-stall air conditioned garage, with the potential to park eight cars.

The mansion was designed by Randall Stofft Architects and constructed by Terry Cudmore Builders in 2008.

Gillespie successfully leveraged Illustrated’s proprietary marketing strategies while incorporating her own techniques, including professional home staging and photography, utilizing all social media platforms to reach a global audience, strategic within key Palm Beach County markets.

“Kathryn’s work in the Palm Beach County luxury market has been outstanding,” said Kevin Leonard, Vice President of Luxury at Illustrated Properties. “In just a short period of time, we have seen her produce a level of work that is unmatched, while surpassing the expectations in quality service we look to provide to each client. We are extremely proud of her for closing 2018 on a remarkable note with this Manalapan sale.”

Gillespie is also the exclusive listing agent for a Boca Raton mansion that was selected as a finalist in HGTV’s international “Ultimate House Hunt 2018.” The 899 Enfield Street home, which is on the market for $11.5 million, was one of 12 worldwide properties to be chosen for the “Waterfront Homes” category.

Gillespie has lived and worked in the Palm Beach County area for more than 30 years, providing her a deep connection to the area and her clients. She has been heavily involved in the local community, serving as past chair of the Boys and Girls Club Board of Directors in Boca Raton and is involved with The Arc of Palm Beach County and Impact 100 Palm Beach County.

In July 2016, Keyes and Illustrated Properties announced the completion of a merger between the two companies, which continue to operate under their existing brands. Overall, Keyes and Illustrated generate more than $6 billion in annual revenue from their real estate service lines.

In 2018, Keyes, Illustrated and the Keyes Family of Companies produced a total volume of $1.1 billion in the $1 million-plus category in South Florida.

About Illustrated Properties: The story of Illustrated Properties began in the 1930s, when F.F. “Bud” Adams, Sr. started selling land in Hobe Sound and on Jupiter Island. His son, Bud Jr., took the family business to Palm Beach in 1975 and founded Illustrated Properties. He also became the exclusive broker for Lost Tree Village and John’s Island. Under the leadership of Bud Jr.’s son, F.F. “Chappy” Adams III in the 1980s, Illustrated grew significantly while implementing new and innovative real estate technologies. The company endured a great loss with the passing of Chappy Adams in January 2013 but continued to grow as the #1 real estate brand in Palm Beach County while maintaining the culture of a family-owned business. Today, Illustrated Properties has more than 500 agents in 21 offices throughout Palm Beach, Martin, St. Lucie, Volusia and Collier counties. Illustrated is a Christie’s International Real Estate affiliate and a member of the Leading Real Estate Companies of the World^® network.