The Real Deal Miami

Merco founder unloads South Beach manse

January 13, 2010 04:10PM

Real estate magnate Richard Meruelo, a principal of Miami-based Merco Group and CEO of Los Angeles-based Meruelo-Maddux Properties, has sold his Miami Beach home for $4.6 million, 18 percent off of his 2005 purchase price of $5.6 million. The house, at 5745 Pinetree Drive, is an 8,600-square-foot Mediterranean-style mansion. Its adjoining lot, part of Meruelo’s original purchase, is still for sale. Merco Group built Akoya at 6365 Collins Avenue in Miami Beach and is developing NoBe Bay at 6700 Indian Creek Drive in Miami Beach. The group also owns the Deauville Hotel at 6700 Collins Avenue. It tried and failed to do a condominium conversion there in 2004. [South Beach Real Estate Blog]