Michael Burke, CEO of luxury fashion brand Louis Vuitton, purchased a home for $11.7 million on Allison Island in Miami Beach this week.
The one-acre island property has a private dock, guesthouse, tennis court and about 200 square feet of waterfront, the Wall Street Journal reported. The house was first listed six months ago for $13 million.
Burke was represented by David Lombardi of Lombardi Properties, who told the Journal demolition of the existing home is underway.
Frank and Phyllis Bramson sold the property to Burke after living there for more than 35 years. To date, the sale is the most expensive for Allison Island. [WSJ] — Eva Cantillo