Lions Gate chairman drops $13.5M for Faena House unit

Mark Rachesky sold part of his shares in the company for $320M in April

Sep.September 22, 2015 09:45 AM

Renderings of Faena House

The chairman of Lions Gate Entertainment spent $13.5 million on a unit at the recently completed Faena House, Miami-Dade County records show.

Mark Rachesky

Mark Rachesky, also head of the $6 billion investment firm MHR Fund Management, is joining a handful of big names buying at the tower: the chairman and CEO of Goldman Sachs, Lloyd Blankfein, and Jose F. Fanjul Jr., of Florida Crystals and Domino Sugar.

Rachesky closed on unit 11-BD, according to a deed filed on Monday in county records. In April, he sold about 20 percent of his holdings, or 10 million shares in the entertainment company, for $320 million. His stake in Lions Gate went from 36 percent to 28 percent, Variety reported at the time.

Faena House marks the first of four planned oceanfront condo towers in the ultra-luxury project, which stretches from 3200 to 3500 Collins Avenue in Miami Beach. The 18-story tower, in the 3300 block of Collins Avenue, began recording closings on Sept. 3. Presales for the project sold out in April 2014.

Next is the Faena Hotel Residence, formerly the Saxony Hotel, which will include 13 penthouse residences. In April, developer Alan Faena announced the addition of two condo towers to his complex in Mid-Miami Beach: Faena Versailles Contemporary with 41 units and the Faena Versailles Classic with 22 units — in the 3400 block of Collins Avenue.   

Related Article

Dwyane Wade, Gabrielle Union and the North Bay Road home (Credit: Getty Images, Lux Hunters)

One last sale? Dwyane Wade lists Miami Beach estate for $33M

Kenneth and Karen Heithoff with 4911 Fisher Island Drive

Good bones? Radiologist sells Fisher Island Bayview condo for $8M

Aria Mehrabi and City National Bank

Pacific Star Capital wants to build Target-anchored retail building in North Beach

Carl Icahn is moving his firm from NY to Miami, Michael Shvo’s hotel plan could cost him $500M: Daily digest

Russell Galbut and the Fifth Hotel

Urbanica scores construction loan from Miami Beach’s biggest developer

Ayman Sabi and W South Beach (Credit: Linkedin, Marriott)

Former Roadhouse Grill CEO serves up W South Beach condo for $7M

Jeffrey Soffer taps ex-Turnberry CEO to lead resi division, PMG and Greybrook big loan for co-living tower: Daily digest

625 East Di Lido Drive and Colin Veitch

Bowing out: Former Norwegian Cruise Line CEO sells Venetian Islands home