The Real Deal Miami

Waterfront Las Olas mansion sells for less than half of its asking price

It hit the market in 2016 for $40M and closed for $19M

615 Lido Drive (Credit: realtor.com)

A waterfront mansion in Fort Lauderdale’s ritzy Las Olas Isles neighborhood just sold for $19 million, less than half of its original asking price.

Property records show FIH LLC sold the estate at 615 Lido Drive to Boca Raton-based Greensboro Trust, managed by trustee David Pratt. It hit the market last year for $40 million, according to Realtor.com. The price was most recently reduced to $25 million.

The six-bedroom, nearly 16,000-square-foot mansion’s original price tag broke down to more than $2,500 per square foot, and it sold for less than $1,000 per square foot. The deal breaks down to $14.5 million for the home and $4.4 million for the adjacent lot at 541 Lido Drive, properties that total 1.3 acres of land. They last sold for $9.7 million in 2005.

The identities of the seller and buyer are unknown, but records show the seller is managed by Wayne D. Jones of Ann Arbor, Michigan.

The mansion, built in 2015, hit the market in February 2016 with One Sotheby’s International Realty’s Dennis Stevick and Dale Atkins of the DND Associates team. Coldwell Banker’s Tim Elmes had the most recent listing. His office declined to comment.

The estate, designed by Robert A.M. Stern, includes a two-story guest house, 625 feet of waterfront and a six-car garage. It also features five fireplaces, an office library, personal massage room, home theater, fitness center and a yacht captain’s chart room.

Amid the slowdown, price cuts are often key to finding a buyer for luxury waterfront homes in South Florida.

Last year, the $40 million listing was the second priciest listing in Broward County, behind the $159 million listing of the Le Palais Royal estate in Hillsboro Beach.