Paraguayan tycoon sells St. Regis Bal Harbour unit

Latin American businessman also owns a double unit at Oceana Bal Harbour

Nov.November 27, 2017 03:00 PM

St. Regis Bal Harbour unit 1600 (Credit: Decorus Realty)

Paraguayan magnate Jorge A. Riquelme just sold his St. Regis Bal Harbour unit for $7.1 million, property records show.

Riquelme, who owns a number of businesses in Latin America, sold unit 1600 to the Delaware limited liability company Sunshine 47 LLC. The LLC is represented by Cogency Global, a registered agent company. Lana Bell of One Sotheby’s International Realty represented the buyer.

The 2,720-square-foot unit at the luxury condominium project at 9703 Collins Avenue sold for about $2,610 per square foot. Records show Riquelme paid $5 million, or about $1,915 per square foot, for the unit in 2012.

Published reports in Latin America say Riquelme owns several major businesses, including the supermarkets Cadena Real; a beer company, Compañía Cervecera Asunción; a pasta manufacturing company, Fideos Federal; a bottling business, Embotelladora Central (Nico); as well as Industria Mazzei, Cereales SA and Vidriera Asunción. The businesses employ a total of 3,500 workers, according to a published report.

Riquelme also owns a unit at Oceana Bal Harbour. In February he paid nearly $15 million for unit 2001/2002 at Oceana.

David Koster of brokerage firm Decorus Realty had the listing for the St. Regis Bal Harbour unit, according to marketing material online. Koster was not immediately available to comment. Koster along with Gabriel Markovich, co-owner of Decorus Realty, also represented Riquelme for his acquisition of the Oceana unit.

In a previous interview with The Real Deal, Markovich said Riquelme listed his St. Regis unit for $8.75 million – meaning it traded at an 18 percent discount off its original listing price. Markovich said at the time that the unit was being rented out for $33,000 a month.

In September, unit 1801 at St. Regis Bal Harbour sold at a 39 percent discount off its original asking price of $9.5 million. Elliot Azoulay, CEO of New York-based ESI Cases & Accessories, a manufacturer of cellular, gaming, and MP3 accessories, paid $5.8 million for the unit.

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