Arison matriarch takes $2M loss on condo sales

Miami /
Sep.September 15, 2014 12:45 PM

Marylin Arison, mother of Carnival Corp. chairman Micky Arison and matriarch of Miami’s wealthiest family, has taken a $2 million loss on the sale of four luxury Bal Harbour condo units. However, the deal appears to be a transfer to a closely held trust for tax purposes.

According to public records spotted by the Daily Business Review, Arison sold her units at the Bal Harbour Tower condo, located at 9999 Collins Avenue, for $7.38 million. She purchased those units for a combined $9.27 million from 2007 to 2010.

The sale was made to four land trusts controlled by trustee Richard Kohan — a managing member of Coral Gables-based tax specialist firm AFO LLC. Kohan is also a large Carnival shareholder, according to the Business Review.

And it looks as though the deal was intended to exploit a tax loophole.

The sales were made as four transactions to four different trusts, which subjected them to a 0.6 percent Miami-Dade County tax on residential property transfers. However, if the sales had been on one deed, they would have been hit with an extra 0.45 percent county surtax on commercial transactions.

“As an attorney, you do a balancing act with deeds, but you’re not supposed to do anything to evade the tax,” said Eric Jacobs, a real estate attorney with Beloff Parker Jacobs and chief operating officer of Clear Title Group who is not involved in the Arison transactions. [Daily Business Review]Christopher Cameron


Related Articles

arrow_forward_ios
JetSmarter Co-Founder Gennady Barsky and the $8 million home
Ex-JetSmarter president and developer charged with embezzling funds sells Bal Harbour home for record price
Ex-JetSmarter president and developer charged with embezzling funds sells Bal Harbour home for record price
Related's Jorge and Jon Paul Perez Carlton, Two Roads' Reid Boren and Taylor Collins with Carlton Terrace at 10245 Collins Avenue (Related, Two Roads, Google Maps)
Related and Two Roads to pay about $130M for the oceanfront Carlton Terrace condo building in Bal Harbour
Related and Two Roads to pay about $130M for the oceanfront Carlton Terrace condo building in Bal Harbour
A unit at Monad Terrace was the top sale last week
Miami’s weekly condo sales drop in mid-August
Miami’s weekly condo sales drop in mid-August
The Bal Harbour lot (Douglas Elliman)
Bal Harbour investor Joseph Imbesi sells waterfront lot for $55M
Bal Harbour investor Joseph Imbesi sells waterfront lot for $55M
Miami-Dade condo sales map and Oceana Bal Harbour (10201 Collins Ave, Bal Harbour)
$19M Bal Harbour unit leads weekly condo sales
$19M Bal Harbour unit leads weekly condo sales
Sam Herzberg and Bal Harbour Condo. (Getty, Bal Harbour)
Real estate investor Sam Herzberg buys oceanfront Bal Harbour condo for $7M
Real estate investor Sam Herzberg buys oceanfront Bal Harbour condo for $7M
Mark Tsesarsky and St. Regis Bal Harbour Condos (Google Maps, iStock)
Hedge fund principal buys St. Regis Bal Harbour condo
Hedge fund principal buys St. Regis Bal Harbour condo
240 Bal Bay Drive, Bal Harbour (Google Maps)
Waterfront Bal Harbour mansion sells for $14M
Waterfront Bal Harbour mansion sells for $14M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...