Steel tycoon Leroy Schecter reduced the listing price of his Indian Creek manse on Wednesday from an initial $45 million to $37 million, EWM broker Nelson Gonzalez told The Real Deal.
The octogenarian chairman of Marino/Ware Industries bought the seven-bedroom, 10-bathroom, 16,474-square-foot home at 12 Indian Creek Dr., an intracoastal-facing site on the island that is among Miami Beach’s priciest zip codes, for $18.65 million in April 2006, according to Miami-Dade property records.
Neighbor Eddy Lambert, the chairman of Sears, recently sold his property at 14 Indian Creek for $40 million, while a property at 3 Indian Creek sold for $47 million.
Schecter’s property, which went on the market in May 2012 for $45 million, experienced a change in valuation, Gonzalez said.
“We felt a price reduction was necessary to move the house,” he said.
Schecter expanded the square footage by fitting out the basement, adding about 5,200 square feet of living space, Gonzalez said.