Turchin estate in Miami Beach sells at auction: $4.5M

Miami /
Jun.June 08, 2016 12:45 PM

After hitting the auction block, the former estate of Miami Beach designer and developer John Turchin has sold. 

Turchin, head of Turchin Companies, listed the 5,163-square-foot home for $9.8 million in October. It sold to the highest bidder out of four at a live auction on May 6, listing agent Nelson Gonzalez told The Real Deal.

The home, built in 1937 and designed by Miami Beach architect Russell Pancoast, sold for $4.46 million. The reserve was $3.9 million. Platinum Luxury Auctions, Gonzalez and the buyer’s agents took their commissions from a 10 percent buyer’s premium.

The buyer was ARCPE Holding LLC, a Miami Beach company controlled by John Richard Olsen.

Turchin and his wife Susan paid $630,000 for the waterfront property in 1993, which includes a swimming pool, Jacuzzi, courtyards, bay frontage and a 50-foot dock. Turchin previously told TRD that his former home is not a teardown, and that he renovated the property over the years with imported coffered ceilings and fresco ceilings, and stone and wood flooring. It sits on a 10,500-square-foot lot.

The home is on Di Lido Island, where a number of homes have been torn down (or will be) and replaced by modern homes.

“There is room in this marketplace for good architecture and it will go back up in value as soon as we go through this phase of everyone wanting modern architecture,” Turchin said in April.


Related Articles

arrow_forward_ios
Hussain Sajwani of Damac with Surfside (Wikipedia)
Damac to buy Surfside collapse site for $120M — no other bidders for property
Damac to buy Surfside collapse site for $120M — no other bidders for property
DAMAC Properties' Hussain Sajwani and aerial view of Surfside Towers remaining foundation of condominium after collapse (Hussain Sajwani, Getty Images)
Surfside collapse site auction set for May 24
Surfside collapse site auction set for May 24
Todd Michael Glaser and Tim Hardaway Jr. with 6015 North Bay Road (Getty, iStock, Illustration by Shea Monahan for the Real Deal)
Tim Hardaway Jr. buys non-waterfront spec home in Miami Beach
Tim Hardaway Jr. buys non-waterfront spec home in Miami Beach
From left: American Shoal Lighthouse, Sombrero Key Lighthouse and Carysfort Reef Lighthouse (Photos via U.S. General Services Administration)
Historic lighthouse homes being sold at auction in the Florida Keys
Historic lighthouse homes being sold at auction in the Florida Keys
Variety Hotel (iStock)
Miami Beach hotel heads to foreclosure auction
Miami Beach hotel heads to foreclosure auction
Jean-Louis Deniot and his recently sold Miami house. (Getty, Berkshire Hathaway Home Services)
Jean-Louis Deniot sells waterfront Miami Beach home for $5M
Jean-Louis Deniot sells waterfront Miami Beach home for $5M
Todd Michael Glaser and Rony Seikaly, with the home (Credit: John Parra/WireImage via Getty Images)
Tampa Bay Rays co-owner buys waterfront Miami Beach spec mansion for $14M
Tampa Bay Rays co-owner buys waterfront Miami Beach spec mansion for $14M
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen
Privé at Island Estates developer sues Suffolk Construction over defects
Privé at Island Estates developer sues Suffolk Construction over defects
arrow_forward_ios

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

Loading...