The Real Deal Miami

Former Rothstein investor gets $9.4M for Miami Beach house

Ira Sochet sells seven-bedroom home on city's Palm Island to Norwegian buyer
August 12, 2014 11:15AM

Aerial of 135 Palm Avenue

Aerial of 135 Palm Avenue

One of the biggest investors in Scott Rothstein’s Ponzi scheme got $9.4 million for his home on Miami Beach’s Palm Island.

Ira Sochet sold the 135 Palm Avenue residence in a transaction recorded last week, according to Miami-Dade County records. Sochet paid $2.1 million for the waterfront property in January 2001. The seven-bedroom, 8,100-square-foot home was constructed in 1972.

Petrus AS LLC of Oslo, Norway is the buyer. The company is managed by Petter Hagland, who is now based in London, according to state corporate records. No financing was recorded.

Disbarred attorney Rothstein is serving a 50-year prison sentence for orchestrating a $1.2 billion Ponzi scheme that was discovered by federal investigators in 2009. Sochet reached a $25 million settlement with the bankruptcy attorneys overseeing Rothstein’s defunct law firm in 2011. He invested nearly $150 million in the scheme.

Sochet kept the Palm Island listing in the family, as Vision Realty’s Adam Sochet was the listing agent. The buyer was represented by Prestige Realty Group. — Eric Kalis