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
From left: Jon Paul Perez, Jorge Perez, and Two Roads’ Taylor Collins and Reid Boren with  Bal Harbour tower (Two Roads, Getty, Related)
Related-led team wins approval for oceanfront Bal Harbour tower
Related-led team wins approval for oceanfront Bal Harbour tower
Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
Coral Gables closing tops Miami-Dade’s weekly condo sales
Coral Gables closing tops Miami-Dade’s weekly condo sales
Jade Signature (Google Maps, Getty)
Jade Signature closing tops Miami-Dade’s weekly condo sales
Jade Signature closing tops Miami-Dade’s weekly condo sales
Regalia at 19575 Collins Avenue Sunny Isles Beach, Armani Residences at 18975 Collins Avenue Sunny Isles Beach, Asia Brickell Key at 900 Brickell Key Blvd, and Muse at 17141 Collins Avenue Sunny Isles Beach (Condo.com)
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Joseph Swedroe and 286 Bal Bay Drive (Getty Images, Google Maps, Eleventh Circuit Court)
Legal battle ramps up at waterfront Bal Harbour condo building
Legal battle ramps up at waterfront Bal Harbour condo building
A photo illustration of Asia Brickell Key (Getty Images, Google Maps/Ed Florez)
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
Edition Residences unit 901 (Abraham Henandez)
Edition in Miami Beach tops Miami-Dade’s weekly condo sales
Edition in Miami Beach tops Miami-Dade’s weekly condo sales
Akoya and Oceana Bal Harbour (Google Maps)
Miami-Dade’s condo sales show a summer slump
Miami-Dade’s condo sales show a summer slump
arrow_forward_ios

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

Loading...