The Real Deal Miami

Miami Beach firm tied to Sean Posner buys Palm Beach manse

Seller made $3.45 million since last sale in November 2014
By Katherine Kallergis | December 17, 2015 10:30AM

3621 South Ocean Boulevard

3621 South Ocean Boulevard in Highland Beach

A company tied to Miami Beach-based Grafton Street Capital paid $11 million for a mansion in Highland Beach, county records show.

The Grafton affiliate paid $1,003 per square foot for the home, or $316 per square foot for the land. Riverside Realty Trust, a company managed by Joseph Lucania of New York, sold the 0.8-acre property at 3621 South Ocean Boulevard. The two-story home has five bedrooms, seven bathrooms and a pool.

The oceanfront mansion, built in 1988, was sold out of foreclosure in November 2014 for $7.55 million. It was then put back on the market for $11.5 million in June. Casa Bella Riente, a 13,000-square-foot estate, was listed for as much as $18.9 million, according to the Palm Beach Post. It has nearly 11,000 square feet of interior space, property records show.

The seller bought the home to flip it, and made $3.45 million on the property. It includes 200 feet of beach frontage and is zoned for multifamily development, which means it can be divided into smaller parcels.

Nearby, Seagate Hospitality Group is building a seven-story condo tower with 20 units called 3200 South Ocean in Highland Beach.

The buyer, 3621 Highland Beach Holdings, lists an address matching that of Grafton, as well as Turnbridge Equities. Grafton founder and principal Sean Posner manages the LLC. Posner is the son of the late real estate investor Steven Posner, and grandson of the late corporate raider Victor Posner.