The Real Deal Miami

Finance exec pays $6M for Venetian Islands teardown

Land sold for $610 per square foot

October 06, 2016 09:45AM
By Katherine Kallergis

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Broker Julian Johnston and 40 West San Marino Drive

Broker Julian Johnston and 40 West San Marino Drive

A finance executive paid just more than $6 million for a waterfront Venetian Islands home he plans to tear down.

SRR Property Holdings LLC bought the 9,953-square-foot lot at 40 West San Marino Drive, Julian Johnston of Calibre International Realty told The Real Deal.

The property, which sold for about $610 per square foot for the land, includes a home built in 1936. Marino Sunset LLC is the seller. No information on the company is available online, but it paid $4.4 million for the property in 2014.

Johnston said he had the home on the market for 10 days before it closed, and that the price was high but “it has the best views of downtown.” It was listed for about $6.5 million, according to the MLS. He also represented the buyer, but declined to name him.

State records show Scott R. Reynolds controls the buying entity.

A high number of homes on the Venetian Islands have been torn down by owners and developers in recent years and replaced with modern mansions. Even Wynwood developer Moishe Mana bought a waterfront 1950 home next to a lot he owns on the Miami side of the chain of man-made islands. Mana paid $5.2 million for an 11,250-square-foot lot in May, which breaks down to $462 a foot.

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