The Real Deal Miami

Former recording studio in MiMo sold for $5.4M

Famed songwriter sold studio for more than double what he paid in 2008

December 23, 2015 05:15PM
By Sean Stewart-Muniz

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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.

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.