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The Real Deal Miami

Margulies’ art collection scores him Bellini loan

March 08, 2012 03:00PM

From left: Mark Rothko's "Four Darks in Red," Bellini Williams Island and Jackson Pollock's "Number 8"

If it weren’t for Martin Margulies’ art collection, construction on his 24-story, 70-unit Bellini Williams Island condominium might still be stuck in the ground.

According to the Wall Street Journal, Margulies secured a $80 million loan for the project, even as many rival developers unsuccessfully vie for construction funding in a reviving condo market, by applying for a personal loan secured by 59 pieces of art from his collection.

“Some of these paintings are worth $30 million or more,” said Margulies, whose collection includes works by Jackson Pollock and Mark Rothko. “I’m a real-estate developer, but if I’ve made one big mistake, it’s that I fell in love with art.” [WSJ, 1st item]