Wealthy Brazilian purchase Miami Beach Penthouse for $14 million
Miami Beach Real estate has been growing a lot since the start of the cycle in 2012. Featuring opulent penthouses and spec homes for the wealth, as primary, 2nd or 3rd residences.
There are a collection of exceptionally designed penthouses in the market from award winning architects like Rem Koolhaas, Zaha Hadid, Richard Meyer, Porsche Design Group to name a few.
This time a company controlled by wealthy Brazilian entrepreneur Mario Bernardo Garnero paid $14 million for the Beach House 8 duplex Penthouse. The Penthouse feature 5,242 sf / 487 m² of interior space and 4,794 sf / 445.4 m² of terraces including a rooftop pool and summer kitchen.
Beach House 8 Penthouse
Beach House 8 Miami Beach Penthouse Floor Plan
According to the South Florida Business Journal, the property sold at $2,671 per square foot of interior space which is considered a fair price compared to luxury real estate like New York and Los Angeles.
Ocean Grande Properties, a joint venture between Ugo Colombo of CMC Group and Valerio Morabito of Morabuto Properties, sold the top-floor unit in the beachfront condo at 3651 Collins Ave. to Beach House 8 BH3. The buyer secured a 25-year, $7.98 million mortgage from Sabadell United Bank with a 4.5 percent annual interest rate.
Although Miami attorney Timothy D. Richards is the managing member of Beach House 8 BH3, the borrower in the mortgage is listed as Garnero. He’s the president and principal shareholder of BrasilInvest, a major real estate investment firm. The company is also one of the financial backers of art collector Gary Nader’s development proposal for Miami Dade College’s downtown campus.
Morabito said Garnero and his other buyers valued the exclusivity of the project, which has only eight units and private elevators, in addition to its high-end finishes. Beach House 8 has sold out, he added.
Read full article at South Florida Business Journal
There are great Miami Beach Penthouses in the market today featuring top of the line finishes and award winning design. Count with over the top services designed for the super wealth.
Should you have questions about luxury real estate or Miami Beach Penthouse, please do not hesitate to contact us.
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