The president and CEO of Moët Hennessy paid a record in Bay Harbor Islands for a waterfront home, records show.
Christophe Navarre, who heads the wine and spirits division of luxury goods conglomerate LVMH, paid $8.275 million for Villa Magnolia, at 9440 West Broadview Drive.
Paul J. Battista and Camille Battista are the sellers. Records show they paid nearly $3.9 million for the 16,400-square-foot property in 2006. The Battistas hired Nina Rudolph of Harding Realty to sell the estate. It was on the market for $9.4 million.
The deal marks a new record for Bay Harbor Islands, previously held by the $6.9 million sale of 9420 West Broadview Drive in January 2015, according to MLS data Rudolph provided to The Real Deal. Earlier this month, the owners of Epicure sold their home nearby for a dry lot record – $4.85 million.
Jacob Bagdadi of Terrabella Realty represented the buyer.
Navarre’s new home features seven bedrooms, six bathrooms, an 800-plus bottle wine cellar, media room, library and guest cottage. It also includes a 75-foot heated lap pool, garden, and a dock with a 24,000-pound boat lift, according to the listing.
The Moët Hennessy portfolio includes Moët & Chandon, Hennessy Cognac, Dom Pérignon, Krug, Veuve Clicquot, Grand Marnier and a number of whiskies and wines. Other divisions of the Paris-based conglomerate, led by CEO Bernard Arnault, are fashion and leather goods, perfumes and cosmetics, watches and jewelry, and selective retailers.
LVMH is also a major investor in the Miami Design District.