Testing lab CEO, Michigan printing specialist swap $10.3M home in Manalapan

Stewart Satter and his wife, Susan, sold their six-bedroom, 7.5 bath at 3090 S. Ocean Blvd. in Manalapan for $10.3 million to George Valassis and his wife, Sandra, on March 31, 2006.

The Satters paid $8.45 million for the house in Feb. 2004.

The 12,000 square foot home was listed for $19.95 million.

Mr. Satter is the CEO of Consumer Testing Laboratories, Inc., a third-party laboratory that quality tests retail products.

Mr. Valassis is the founder of Valassis Communications Inc., an international marketing services and connective media company based in Livonia, Mich. He founded the company in 1970 as a sales agent for printing companies and went on to introduce the free-standing insert coupon to newspapers in 1972.

The company was named one of the "100 Best Companies to Work for in America" by the Fortune Magazine in 2001.

Home sales in Manalapan dropped nearly 29 percent in 2007. The median sales price, however, rose from $3.7 million in 2006 to $3.8 million last year.

BlockShopper Metrics began keeping track of home sales in South Florida in 2001.

Address: 3090 South Ocean Boulevard
Buyer(s): Stewart A Satter
Seller(s): Edward W Falcone
Sale date: Feb. 12, 2004

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