Former recording studio in MiMo sold for $5.4M

The two-story studio at 5020 Biscayne Boulevard in Miami
The two-story studio at 5020 Biscayne Boulevard in Miami

This real estate deal is anything but the same old song and dance: Fabio Salgado, a musician who’s worked with the likes of Jennifer Lopez and Gloria Estefan, just sold his former MiMo District recording studio in Miami for $5.4 million.

The property is a two-story building with 13,512 square feet of space, located at 5020 Biscayne Boulevard. It’s been owned for the last seven years by Fabio “Estefano” Salgado, a famous Miami songwriter who had a close brush with death in 2007.

After a night of working in the studio, Salgado returned to his ritzy San Marco Island home in Miami when his friend and handyman Francisco Oliveira Jr. arrived, according to a report in the Miami New Times. That’s when Oliveira allegedly pulled a gun and shot Salgado in the head, nearly killing him.

A tornado of legal claims followed, including a suit that alleged Salgado’s mentor Jose Luis Gil masterminded the attempted murder to hide his siphoning of Salgado’s money to a Santeria church, according to the New Times article. The parties eventually settled all disputes in 2008, releasing no details in the process.

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As for the Biscayne Boulevard studio, it was originally listed for sale in 2010 for $8.5 million. That price also included all of the building’s expensive audio equipment, though a buyer could choose to buy the property alone at a reduced price. The listing was taken down in 2013 and eventually hit the market again in November for nearly $6 million.

Dora Puig of Luxe Living Realty was the listing broker and Karina Andrea Sobrino of Optimar International Realty was the seller’s agent.

The buyer is a limited liability company called Dinvel, which lists three more companies as its managing members: Bluefilms Investments, Stargrintie Limited and Rintiegast Limited. The first is Panamanian, while the other two are based in Nassau in the Bahamas.

The price breaks down to nearly $400 per square foot — a big jump over the $2.5 million, or $185 per square foot Salgado paid in 2008.