The Real Deal Miami

Fisher Island’s Palazzo del Sol Penthouse sells for $35M

47-unit tower, 47% sold, represents first new construction on island in seven years
By Ina Cordle | February 19, 2015 03:00PM

Palazzo del Sol on Fisher Island

A penthouse at the future Palazzo del Sol is under contract for $35 million, marking a record-breaking sale on tony Fisher Island.

An undisclosed Russian buyer paid $3,602 per square foot for the 9,715-square-foot center Penthouse 2, developer PDS Development said Thursday.

At $35 million, the transaction is more than 2.5 times the highest sale price ever recorded on Fisher Island. The highest previous sale was to Canadian billionaire Lawrence Stroll, who purchased a 6,170-square-foot penthouse for $13.5 million last year, then completely renovated it, PDS Development said. That residence, built in 1992, had previously been owned by Oprah Winfrey.

Palazzo del Sol, a 47-unit tower scheduled for completion in early 2016, is the first new construction on Fisher Island in more than seven years.  Built by ASR Construction, Palazzo Del Sol will have 4.5 acres of grounds, designed by landscape architect Enzo Enea.

Already, 47 percent of its residences are under contract to buyers from New York, Spain, London, Mexico, Venezuela, Turkey, Brazil, Russia and elsewhere, according to the developer, Heinrich von Hanau, CEO of PDS Development.

Geared toward luxury-lovers, the project’s amenities will include professional fur storage, a cinema-style theater, hair and makeup salon, fitness center designed by The Wright Fit, a Kidville-designed children’s playroom, private massage rooms, meeting room with integrated media systems and two lobbies with an aperitivo bar overlooking the water.

The exclusive island boasts stars and athletes, entrepreneurs, CEOs and billionaires from more than 45 countries, and says its 675 families’ high per capita income has led its zip code to rank among the highest in the United States.

The $35 million Palazzo Del Sol Penthouse 2 is one of the building’s three penthouses. The unit has a private elevator that leads into the unit, which has an open floor plan and 18-foot floor-to-ceiling windows offering panoramic views of Biscayne Bay, the Miami skyline, South Beach and the Atlantic Ocean, PDS said. The seven-bedroom, seven-and-a-half-bathroom penthouse includes a theater, exercise room, separate dining and family rooms, bar and lounge, as well as four outdoor terraces totaling 8,595 square feet spread over two levels. The Boffi kitchen and baths have appliances and fixtures from brands such as Gaggenau, SubZero, Dornbracht and Duravit. The penthouse also has a zero-edge swimming pool, summer kitchen and outdoor entertaining spaces designed Enea, the developer said.

Fisher Island recently underwent a $60 million renovation to its facilities, including its oceanfront Beach Club; Vanderbilt Mansion, which was built in 1935; par-35 championship nine-hole P.B. Dye golf course; Spa Internazionale; two private, deep water marinas and tennis center.

“With Palazzo Del Sol, Fisher Island is capturing the international spotlight and reasserting its position at the top of South Florida’s trophy real estate market,” said Dora Puig, who leads pre-construction sales for the luxury development, in a statement.