The Real Deal Miami

Norwegian investor sells waterfront Palm Island lot to developer for $9M

Spec home developer plans $30M, 13,000 sf mansion on the property

September 21, 2016 11:15AM
By Katherine Kallergis

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Rendering of 135 Palm Avenue. (Inset: Pascal Nicolai)

Rendering of 135 Palm Avenue (Inset: Pascal Nicolai, founder of Sabal Development)

A spec home developer spent $9 million for a waterfront lot on Miami Beach’s Palm Island.

Records show Petter Hagland’s Petrus AS LLC sold the 30,000-square-foot lot at 135 Palm Avenue to Sabal Development. The developer plans to build a $30 million spec home and break ground in October, according to the South Florida Business Journal.

Hagland is chairman of Petrus AS, a Norwegian investment firm. His LLC paid $9.4 million for the property in 2014, which marks a loss for Hagland. He demolished the house that was previously on the lot the following April, records show.

135 Palm Avenue LLC, an entity controlled by Sabal founder Pascal Nicolai, financed the deal with a $10 balloon mortgage from SPPF of FL. Victor Uzan controls the lending company.

The property was listed for sale with Prestige Realty Group for $9.7 million and came with plans for a 13,000-square-foot mansion designed by Giorgio Balli and TOGU Architecture. It was first listed in December for $12 million.

Earlier this year, spec home developer Peter Fine abandoned his plans to build a similarly sized home at 158 Palm Avenue and put the lot up for sale at $8.45 million. It’s since been reduced to $6.95 million.