The Real Deal Miami

Bentley Bay PH re-listed: square footage up, price lowered to $17.9M

Five bedroom, five-and-a-half bath unit is now priced at $2,482 per square foot

December 09, 2015 09:45AM
By Ina Cordle

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Bentley Bay Penthouse B, Jeri Jenkins and Luis Reyes

A Bentley Bay penthouse has been re-listed with a new broker, with a million-dollar price drop to $17.9 million, and a re-calculated square footage  up more than 1,200 square feet.

Bentley Bay’s Penthouse B, at 520 West Avenue in Miami Beach, is now co-listed by Jeri Jenkins and Luis Reyes of the Jeri Jenkins Group at Coldwell Banker Residential Real Estate, Reyes told The Real Deal. About eight months ago it had been listed by Jeff Miller of Zilbert International Realty for $18.9 million.

The fully furnished, two-story, five-bedroom, five-and-a-half bathroom condo was previously described as having 6,000 square feet. But Reyes said the owner had the unit measured, and it turned out to be 7,213 square feet. The previous price equated to $3,150 per square foot, and the current price, $2,482 per square foot.

The unit comes with a 7,123-square-foot terrace, private rooftop pool, Jacuzzi, private elevator, five parking spaces and 360 degree views, according to the listing.

In 2010, the residence was bought unfinished for $2 million, after it had fallen into foreclosure, according to Miami Dade County property records. Miller had said the seller is from Monaco and owns homes around the world.

He spent two years building out the penthouse, which now comes complete with a $1 million Creston and Lutron smart home system, motorized doors and shades, a champagne and wine locker, gym with steam room, and an indoor bar and entertainment area with a DJ booth.

The bayfront Bentley Bay is in the midst of a $500,000 revamp, which was announced late last month. The development’s condo association hired South Florida-based Eclipse Building Corp. to complete the renovation of the north and south tower’s lobbies.

Bentley Bay was developed by Ricardo Olivier in 2004. The 3,000-square-foot revamp includes replacing the development’s nautical-themed lobbies with marble floors and columns, new draping and chandeliers. It’s slated for completion in early January.