The Real Deal Miami

Hedge funder lists condo at Portofino for $18M

Three-story unit hit the market for $4,186 per square foot
By Katherine Kallergis | May 02, 2016 02:15PM

Portofino at 300 South Pointe Drive in Miami Beach

Portofino at 300 South Pointe Drive in Miami Beach

A Miami Beach-based hedge funder has listed his three-story waterfront unit at Portofino for $18 million.

According to property records, Thomas J. Herzfeld and his wife Rutli Herzfeld own the six-bedroom, six-bathroom unit at Portofino, a 44-story tower at 300 South Pointe Drive in Miami Beach. It hit the market for a mighty $4,186 per square foot on Thursday.

Herzfeld, of the boutique investment management firm Thomas J. Herzfeld Advisors, paid $1.6 million for the unit in 1997, the same year Related Group and Thomas Kramer’s Portofino Group completed the condominium tower. If sold at the asking price, it would be more than 10 times its last sale.

The unit features floor-to-ceiling glass windows, wraparound views of the ocean, Government Cut, downtown Miami and Miami Beach, according to the listing. Christian Brandl of South Pointe Properties Group is the listing agent, according to Brandl could not immediately be reached for comment.

The Herzfelds have put their condo on the market a few times, at its peak for $12.8 million in 2009, the listing shows.

Portofino’s amenities include 24-hour valet and security, a spa, and semi-private elevator foyers. It was the first luxury tower built in the South-of-Fifth neighborhood of Miami Beach. In January, a penthouse at Portofino, once home to Russian tennis star Anna Kournikova and Russian ice hockey player Sergei Fedorov, sold for $11 million, or about $1,937 per square foot.