Lions Gate chairman drops $13.5M for Faena House unit

Miami /
Sep.September 22, 2015 09:45 AM

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, 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 Articles

arrow_forward_ios
Phil Gutman with Bess Freedman and Mark Zilbert (Linkedin, Freedman by Studio Scrivo)
Phil Gutman leaves Brown Harris Stevens Miami
Phil Gutman leaves Brown Harris Stevens Miami
Peter Thiel with 445 to 441 East Rivo Alto Drive (Getty)
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
Ophir Sternberg with the Ritz-Carlton Residences, Miami Beach and the land for the villas (Lionheart Capital)
GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
(iStock)
South Florida resi sales jump in Q4: Elliman
South Florida resi sales jump in Q4: Elliman
Richard Bressler and Lisa Gersh with 1425 West 25th Street, Miami Beach (Getty, Google Maps)
Media titans buy Sunset Islands home for $5M
Media titans buy Sunset Islands home for $5M
Ruthie and Ethan Assouline lead Compass’ Assouline Team. (The Assouline Team, iStock)
Compass’ Assouline Team expands to Miami Beach
Compass’ Assouline Team expands to Miami Beach
Images of Arte, Ritz-Carlton Residences Miami Beach, Ritz-Carlton Residences Miami Beach and One Thousand Museum (One Thousand Museum via One Sotheby's)
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Chris Bosh and his North Bay Road home, 6396 North Bay Road (Getty, One Sotheby’s International Realty)
Chris Bosh sells waterfront Miami Beach mansion for $15M
Chris Bosh sells waterfront Miami Beach mansion for $15M
arrow_forward_ios

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

Loading...