The Real Deal Miami

Food manufacturing CEO sells Continuum South Beach condo for $6.3M

Giovanni "John" LiDestri sold the townhouse for a nearly 50% gain in a year
By Amanda Rabines | August 18, 2017 01:00PM

Food and beverage titan Giovanni “John” LiDestri just sold his Continuum South Beach unit for $6.3 million, property records show.

A trust managed by U.S. Bank bought the three-bedroom, 2,900-square-foot condo. Townhouse 4 sold for about $2,172 per square foot.

LiDestri is the CEO of Fairport, New York-based LiDestri Food and Beverage, a large manufacturer of pasta sauces, dips and salsas throughout the United States. Records show he bought the multi-level townhouse at 100 South Pointe Drive for $4.21 million last year, which means he just sold it for a nearly 50 percent gain.

John Lennon of South Pointe Drive Realty was the listing agent and Miriam Merino of Fortune International Realty represented the buyer, according to Redfin. The condo hit the market in March for $7.3 million.

The Continuum unit comes with two master suites and two terraces with ocean and bay views, according to the listing. Amenities include the property’s two pools, a spa and gym, and 1,000 feet of beach frontage.

Records show LiDestri also owns unit 3105 at the Portofino in Miami Beach. He listed the Portofino unit last year in November for $7.8 million, according to Redfin.

The Continuum, at 50 and 100 South Pointe Drive, was developed by Ian Bruce Eichner’s Continuum Company in the early 2000s. Units at the Continuum towers trade for high per-square-foot prices. In March, a New York hedge funder sold two units on the 34th floor of the south tower for $10 million, or an average of $2,107 per foot.

Other big ticket sales include Brazilian TV star Roberto Justus’ Continuum condo, which sold for $15.3 million, or $2,115 per square foot; and Argentinian media moguls Daniel Hadad and Viviana Zocco sold their double unit for $10.5 million, or nearly $2,400 per square foot.