The Real Deal Miami

Alleged hedge fund fraudster’s wife sells Bal Harbour condo for $7.85M

Mark Nordlicht, founder of Platinum Partners, was charged in December in connection to a $1B investment fraud
By Ina Cordle | May 22, 2017 06:00PM

The Ritz-Carlton Bal harbour

The wife of an alleged hedge fund fraudster just sold a condo at the Ritz-Carlton Bal Harbour for $7.85 million.

Records show OBH 2308 LLC sold unit 2308 at the condo tower at 10295 Collins Boulevard. The entity is led by Dahlia Kalter of New Rochelle, New Jersey. 

Kalter’s husband, Mark Nordlicht, founder and chief investment officer of New York-based hedge fund Platinum Partners, was arrested in December at his New Rochelle home. He and six others were charged in connection to a $1 billion investment fraud that prosecutors said led the firm to be operated “like a Ponzi scheme,” according to the New York Times. He was charged with securities fraud and investment adviser fraud in one of the largest fraud cases Bernie Madoff’s in 2008, the Times reported.

Miami-Dade property records show Kalter bought the 5,266-square-foot condo for $5.25 million in 2008. The new sale price equates to $1,490 per square foot.

The buyer is OJLH Florida Trust, led by Therese Brownstein, Frank Zylberberg and Edward Victor. The three are based in Montreal. Zylberberg is an attorney, according to his website, and Victor is an accountant.

The Lionstone Group and Flag Luxury Group, owners of the Ritz-Carlton, South Beach acquired the former One Bal Harbour Resort & Spa in 2014 and rebranded it as the Ritz-Carlton. In 2015, the owners announced the property would undergo a $5 million renovation to add a new restaurant, spa and yoga studio. The 18-story development, completed in 2007, has 185 residences and 124 condo-hotel rooms. The building had endured years of litigation after two of its former owners filed for bankruptcy.

Last July, a Brazilian investor sold his unit at the Ritz-Carlton Bal Harbour for $12.3 million or $1,577 per square foot. Also in July, a 7,874-square-foot penthouse at the tower hit the market for $30 million or $3,800 per square foot.