Sandwich master sells Miami Beach home to Burger King exec for $5.5M

The home traded for $1.4M less or a 20% discount off it's asking price

Aug.August 03, 2017 05:00 PM

2018 North Bay Road Inset: Eric Hirschhorn

A South Florida sandwich master just sold his Miami Beach waterfront home to Burger King executive Eric Hirschhorn for $5.5 million, property records show.

Olivier Farrat, owner of the popular La Sandwicherie, with two locations in Miami and South Beach, and Xavier Paulhac sold their 5,146-square-foot, waterfront home at 2018 North Bay Road for about $1,069 per square foot. Records show both Farrat and Paulhac sold the home under trusts in their name. They bought the property in 2000 for $700,000, records show.

One Sotheby’s International Realty’s Albert Justo represented the seller. Mirce Curkoski, also of One Sotheby’s International Realty, brought the buyers, according to Redfin.

Property records show the five-bedroom, five-and-half bathroom home sits on a little more than 14,000 square feet. Among the home’s features are a three-car garage, marble and wood floors, balcony, pool and 100 feet of water frontage.

The home, built in 1938, has been on and off the market since February of last year with an asking price of $6.9 million, according to Redfin. It traded for $1.4 million lesss or a 20 percent discount off it’s asking price, which is increasingly common as luxury home sellers adjust to the slowing market in South Florida.

In June, developer Peter Fine cut the asking price of a waterfront spec home at 6446 North Bay Road by 11.6 percent to $26.95 million.

Down the street, the luxury spec home of Chicken Kitchen founder Christian de Berdouare at 5004 North Bay Road is also on the market. The home was listed in 2014 with an asking price of $35.9 million. A little more than two years later, the home remains for sale.

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