The Real Deal Miami

Badia Spices owner buys waterfront Coconut Grove estate for $12.4M

Mansion hit the market in May 2016 for $16.9M, later reduced to nearly $13M
By Katherine Kallergis | March 17, 2017 05:15PM

3575 Stewart Avenue. Inset: Pepe Badia

The owner of Badia Spices paid $12.4 million for a waterfront Coconut Grove estate.

Noven Pharmaceuticals co-founder Noreen G. Sablotsky sold the six-bedroom, 14,097-square-foot home at 3575 Stewart Avenue, listing agent Chad Carroll of Douglas Elliman said. Joseph “Pepe” Badia and Nancy Badia purchased the mansion in their names, sources confirmed. Vanessa Kayes and Valaree Byrne of EWM represented the buyers.

Pepe Badia is the majority owner and president of the Doral-based spice company.

The sale closed on Wednesday, Carroll said. It was previously listed for nearly $13 million, but hit the market in May 2016 for $16.9 million. The deal is the second most expensive home sale in Coconut Grove over the last year, preceded by the $34.6 million sale of La Brisa to Ransom Everglades School.

Built in 1938 and renovated in 2009, the 1-acre corner property includes 220 feet of open bay frontage and 200 feet of protected water frontage, a two-bedroom guest house, a poolside gazebo, an outdoor bar, gym and a five-car garage. Records show Sablotsky paid $6.6 million for the home in 2005.

The Badias will have plenty of space for their spices. The gourmet chef’s kitchen has four ovens and a butler’s pantry, and the main house also includes a wine cellar.

The South Florida Business Journal first reported the buyers’ identities.