Twinkies heir revealed as buyer of $59M Key Biscayne estate

Metropoulos signed new $20M loan for Key Biscayne property

Mar.March 06, 2017 12:00 PM

775 South Mashta Drive. Inset: Evan Metropoulos

Updated, 3:45 p.m., March 6: It turns out the Playboy Mansion isn’t the only multimillion-dollar estate the Metropoulos family bought last year. 

Newly filed records show Evan Metropoulos, the son of Hostess investor C. Dean Metropoulos, is the owner of the Key Biscayne estate at 775 South Mashta Drive. Owner Boca Breeze LLC just took out a $20 million mortgage for the property from JP Morgan, revealing the entity’s managers, Metropoulos and Metropoulos & Co.’s general counsel David M. Buchanan.

Boca Breeze, a Delaware company, paid a combined $58.9 million for the adjacent homes at 775 and 755 South Mashta Drive in between the end of 2015 and February of last year. The larger of the two, 775 South Mashta, sold for a Key Biscayne record of $47 million, and includes a five-story, 11,600-square-foot mansion with 360-degree views, a pool and gazebo area, and a private deep water yacht harbor. The second property is a newly built 10,250-square-foot, six-bedroom mansion, which Metropoulos purchased for $11.8 million. One Sotheby’s International Realty represented the seller of 775 South Mashta, while Fortune International Realty’s Maureen Jauregui and Emma Jauregui represented the seller of 755 South Mashta. The buyer was represented by the Jills of Coldwell Banker.

Together, they total about 2.3 acres.

Metropoulos and his brother Daren are principals at their father’s company Metropoulis & Co. Daren Metropoulos purchased the Playboy Mansion in Los Angeles for $100 million in August. He also owns the the house next door, and plans to combine the two estates into one massive 7.3-acre compound.

Metropoulos & Co. owns Hostess Brands along with Apollo Global Management. C. Dean Metropoulos is worth $2.4 billion, according to Forbes.

Correction: An earlier version of this story incorrectly identified the buyer as Daren Metropoulos. His brother Evan purchased the property. An earlier version also stated that One Sotheby’s brokered both deals. Fortune and Coldwell Banker were also involved in the sales of both properties.

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