Businessman Joseph Blount sold his Sunset Islands home for $16 million to a trust controlled by former Serta International chairman and CEO E. Richard Yulman, The Real Deal has learned.
Miami-Dade County recorded Blount’s sale of the nearly 9,700-square-foot house at 2535 Lake Avenue on Friday. The Chalk Ping Pong and Billiards Lounge CEO paid about $5.6 million for the waterfront property in June 2004. The home was originally constructed in 1939.
Yulman did not obtain financing for the purchase of the six-bedroom house.
Jeri Jenkins of Coldwell Banker Residential Real Estate was the listing agent. The home was listed with an $18.9 million asking price.
Property features include a saline pool, outdoor tub and shower and enough dockage to fit two large boats.
Blount spent more than 20 years as the CEO of furniture chain PierceMartin before launching Chalk in January 2011. A Democratic fundraiser, Blount held a private donor event attended by President Obama at the home in June 2013.