The Real Deal Miami

Miami Beach residential property sells for $11.5M

January 14, 2014 03:00PM

Aerial of 4567 Pinetree Drive

Aerial of 4567 Pinetree Drive

A large residential property in Miami Beach has sold for $11.5 million, The Real Deal has learned.

Coral Gables-based B.A.W. Realty acquired the waterfront parcel at 4567 Pinetree Drive, according to Miami-Dade County records. The county recorded the transaction on Jan. 8. No financing was recorded.

Kestenor Holdings of Palmetto Bay sold the 1.8-acre property. It paid $12.1 million for the land in July 2006.

The property was most recently assessed at $5.2 million by the county appraiser’s office. — Eric Kalis