The Real Deal Miami

Turkish businessman buys Palm Island home for $6M

6,075 sf house has 60 feet of waterfront

June 01, 2016 02:15PM
By Ina Cordle

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250 South Coconut Lane on Palm Island and Nelson Gonzalez

UPDATED June 2, 11:15 a.m. A Turkish buyer has purchased a waterfront home on Miami Beach’s Palm Island for $6.02 million, as interest in South Florida from Turkey grows.

Acun LLC, whose managing member is Turkish businessman Levent Bozkurt, bought the property at 250 South Coconut Lane.

Nelson Gonzalez, senior vice president of EWM Realty International represented the seller in the deal that closed on Friday.

Banu Enes from Keller Williams represented the buyer.

Gonzalez told The Real Deal that two separate Turkish investors had vied for the home. “I’ve had quite a few Turkish buyers since they began direct flights from Istanbul,” he said.

The 6,715-square-foot home with 60 feet of waterfront had been listed by Gonzalez for about five months at $6.45 million. Two other agents had listed it previously, for as high as $10.5 million. “It should never have been on the market at that price,” he said.

The two-story house has five bedrooms and five-and-a-half baths and sits on an 8,400-square foot lot. The home features a gourmet kitchen, wine cellar, wet bar and home theater, according to the listing. Additional features include an elevator, sound system and alarm system with four cameras.

The sellers are Stephane A. Nadal and and Delphine M. Nadal, according to property records.

Turkish interest in South Florida property has mounted in recent months. In February, Turyap, the oldest and largest real estate firm in Turkey, launched its first franchise in the United States in Miami, owned by Hilal Borque of Turkey. And in May, RLTY FL, a real estate brokerage, property management and development firm owned by Turkish investors Emir Bahadir and Yahya Ucbasaran opened off Lincoln Road in Miami Beach. Turkey also recently opened a new consulate in Brickell.