The Real Deal Miami

Cayman Islands buyer pays $13M for duplex in Mid-Beach

Brazilian entrepreneur Mario Garnero also owns in Beach House 8

June 14, 2016 01:30PM
By Katherine Kallergis

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Rendering of Beach House 8 in Miami Beach

Rendering of Beach House 8 in Miami Beach

An offshore buyer paid about $13 million for a pair of units at the newly completed Beach House 8, a boutique condo building in Miami Beach’s Mid-Beach neighborhood.

Records show Beach House 500 LLC paid cash for units 400/500 at 3651 Collins Avenue, an eight-unit, 10-story building developed by Ugo Colombo and Valerio Morabito.

The buyer is controlled by Grand Cayman-based Forbes Hare, a law firm in the British Virgin Islands and Cayman Islands. Locally, attorney Richard A. DeCicca of PBY&A signed documents on behalf of the entity. The company is not included in the Panama Papers or Offshore Leaks database.

The offshore buyer’s new units features Boffi kitchens, marble countertops, a Lutron lighting system and a custom home automation system.

ONE Sotheby’s International Realty handled sales for the sold-out development, with prices ranging from $5.9 million to $14 million and units from 3,783 square feet to 5,200 square feet of interior space.

Earlier this month, Brazilian entrepreneur Mario Garnero closed on the $14 million purchase of his duplex penthouse at the project.

Beach House 8, designed by Arquitectonica, is in the same Miami Beach neighborhood as the Faena District, which runs on both sides of Collins Avenue, from 32nd Street to 35th Street. The mixed-use development includes the Faena Hotel, the Faena House condominium tower; Faena Forum, an arts complex now under construction; two Faena Versailles condominium towers; Faena Bazaar, a retail building; and a parking garage.

Colombo and Morabito completed Beach House 8 last month after breaking ground about two years ago. The building sits on a narrow, 16,850-square-foot lot, property records show.