The Real Deal Miami

Regalia unit in Sunny Isles Beach hits the market: $11M

Owners are mentioned in Panama Papers database

June 10, 2016 09:45AM
By Katherine Kallergis

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Regalia unit in Sunny Isles Beach

Regalia unit in Sunny Isles Beach

A full-floor unit at Regalia in Sunny Isles Beach is on the market for $10.65 million, listing agent Oren Alexander told The Real Deal.

Records show Onega Global II LLC, an entity controlled by Luis Armando Barrera Palacios and Emma Rosa Macchiavello Teevin, paid $6.17 million for unit 11 in 2014 when the building was delivered.

Both Barrera Palacios and Macchiavello Teevin are mentioned in the Panama Papers, a massive data leak from Panamanian law firm Mossack Fonseca of offshore companies, although little information on them is available online.

Alexander said the owners are moving to another condo building in South Florida. Their 5,515-square-foot unit includes a Miele kitchen, Crestron home automation, Lutron shades, a 100-bottle wine cellar and a fireplace. It also comes with two assigned parking spaces and two valet parking spaces. Alexander, of Douglas Elliman’s the Alexander Team, is co-listing the unit with Isaac Lustgarten.

The turnkey unit, which has four bedrooms, a den and five bathrooms, features 360-degree views and wraparound terraces.

Alexander is targeting buyers from the Northeast with a focus on New Yorkers. He also said he’s shown the unit to “empty nesters living in homes in Golden Beach.”

At Regalia, remaining developer units include a “beach house” for $35 million, a nearly 17,000-square-foot penthouse priced at $40 million, and a 5,515-square-foot condo on the 18th floor, priced at nearly $12 million. The tower has six pools, a spa, cabanas, a fitness center, yoga studio, children’s playhouse, a chef’s kitchen and a champagne bar and wine cellar.

“The amenities are just incredible – the theater, office room, spa, gym, pool, the level of service you get,” Alexander said. “To me, it’s probably the best residential building in Miami.”

In April, a Miami law firm sued the project’s original developers and one of their creditors in Miami-Dade Circuit Court over unpaid attorney fees totaling more than $1 million at Regalia.