Don Peebles purchased an oceanfront condo at his development in Miami Beach, as he makes residential moves in South Florida, The Real Deal has learned.
The Peebles Corp. chairman and CEO and his wife, Katrina, paid $3 million for a three-bedroom, three-and-a-half-bathroom unit at The Bath Club, at 5959 Collins Avenue, Peebles confirmed.
They are also selling a home in Wellington for $4 million. And they’re in contract to sell their longtime Coral Gables mansion that is asking $15 million, in a deal that’s set to close in about a month, Peebles said.
The Peebleses will be empty nesters beginning in August, when their daughter, an equestrian, heads to college, he said. They are eyeing homes in Palm Beach, as well as in California or Santa Fe, New Mexico.
Peebles recently opened the Bath Club social club following a multimillion-dollar renovation of the historic building.
Peebles purchased the property for about $10 million in 2000, and redeveloped a portion of the site into 107 condos and six oceanfront villas, which were completed in 2006. The original clubhouse buildings were preserved. Peebles then bought out the club’s membership in 2012, and closed the club in 2014.
Following litigation from residents, a Miami-Dade judge ruled in February that Peebles’ Bath Club Entertainment was on the hook for $1 million in court sanctions for failing to maintain first-class cabanas and outdoor food and beverage service at the club.
Peebles Corp., founded in the early 1980s, has bought, sold or developed a portfolio that totals $6 billion and spans more than 7 million square feet in Boston, Los Angeles, Miami, New York, San Francisco, Washington, D.C., and other cities. The company has offices in New York, Washington, D.C. and Miami, according to its website.
Now, Katrina Peebles is renovating the unit they purchased, unit 801. The 2,959-square-foot condo has views of North Beach and South Beach, floor-to-ceiling windows, and a curved 50-foot great room. She plans to complete the renovation in mid-May, her husband said.
“We want to enjoy the club. It will be nice to be on the ocean in a building I built,” he added, saying it will become their new home base in Miami.
John Darvish, founder and CEO of DARCARS Automotive Group, sold the unit. Raymond Bolduc with One Sotheby’s International Realty represented the seller, while Jill Eber of Coldwell Banker’s The Jills Zeder Group represented Peebles.
Eber and Judy Zeder of The Jills Zeder Group are the listing agents for Peebles’ Coral Gables home.
In Wellington, the couple’s sale of their six-bedroom, 7,300-square-foot home at 2658 Sheltingham Drive is pending, according to Realtor.com. They paid $1.8 million for the property early last year, renovated it and put it on the market for $4.4 million in October.