Italian Real Estate Investor Buys Miami Condo at Record $25 Million
May 24, 2012
South Beach, Florida – A Miami triplex penthouse at the Continuum in South Beach has sold for $25 million to an Italian Real Estate Investor, The deal, which closed recently is a record for the Miami condominium Market. The seller of the Miami Beach Condo was Alex Birkenstock, whose family controls the Birkenstock shoe company. The previous record was $21.5 million for a Miami Beach penthouse at the Setai South Beach. That Miami Real Estate was sold by Netscape founder Jim Clark.
At $25 Million, a Record Sale in Miami Beach
The buyer of the 7,400-square-foot penthouse in the Continuum towers was an Italian Investor; This Italian Real Estate Buyer controls an investment company. The seller had withdrawn from day to day operations of his family’s Birkenstock shoe company back in 2008. The Miami Condo Seller had bought the apartment for $9.9 million in 2009.
Miami Beach Condo Penthouse Worth Millions
The penthouse, which is on the 40th to 42nd floors, has five bedrooms, seven and a half bathrooms. This Miami Beach Condo came complete with 6,000 square feet of outdoor space across six terraces. The Miami Condo included a private pool and an internal elevator. The remarkable floor-to-ceiling windows reach as high as 26 feet in the living room.
Platinum Properties of Manhattan Represented Miami Condo Seller
Several Miami Real Estate Brokers refer to this Condo Tower as a glass box in the sky. The penthouse is gorgeous with views of the beach, the Atlantic Ocean and also downtown Miami. The Florida architects and Real Estate planners designed this Miami Beach Condo for maximum privacy. There is a terrace above the master bedroom for private sunbathing and when the Italian Real estate Investor takes a shower, they can look at the beautiful ocean.
The apartment has been used for movie and music video filming and rented out for approximately $20,000 a day which sounds extreme. However when anyone sees this Miami Beach Condo you realize the value. Even more recently the singer Mary J. Blige leased this Condo to shoot a campaign for her new perfume.
Expensive Penthouse in South Beach’s Exclusive Continuum Towers
The Miami Beach apartment was not listed on the real estate MLS market. The Italian Real Estate Investor was looking at another penthouse in the Continuum but wanted higher ceilings, so he approached Mr. Eyn about Mr. Birkenstock’s penthouse. There was Julian Johnston, a broker at Sterling Equity Realty, involved in the deal. This broker at Sterling Equity Realty represented the Miami Condo buyer. Italian Real Estate Investor plans to use the Miami Beach penthouse as a second home when he is not in Europe.
Continuum, a two tower Miami Condominium Complex
The Continuum is a two-tower condominium complex set in a 13-acre gated beachfront enclave that includes a 25,000-square-foot health and fitness center, two pools, three tennis courts, four hot tubs and two saunas. This Miami Beach Condo project was developed by Ian Bruce Eichner, who built CitySpire and other buildings in New York. Mr. Eichner is listing his 11,031 square-foot Miami penthouse in Continuum’s south tower for approximately $35 million.