The Real Deal Miami

Toll chairman pays $24.5M for Miami Beach home

January 03, 2014 12:45PM

Sunset Islands and Robert Toll

Sunset Islands and Robert Toll

The executive chairman of major homebuilder Toll Brothers has acquired a waterfront home on the Sunset Islands in Miami Beach for $24.5 million, The Real Deal has learned.

Robert Toll purchased the 2550 Bay Avenue residence on Dec. 20, according to Miami-Dade County records. The county recorded the transaction on Tuesday.

Patrick and Catherine Markert made a quick $4.5 million profit on the sale of the 7,122-square-foot home, not including property taxes and other costs. The couple paid $20 million for the one acre property in December 2012.

The four-bedroom, four-bathroom residence was built in 1969.

Founded in 1967, Toll Brothers develops residential communities in 19 states, according to the company’s website. Toll closed on the $83.5 million purchase of 122 acres in Boca Raton last month. It plans to build gated luxury residential community called Royal Palm Polo on the 6300 Clint Moore Road site. — Eric Kalis