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The Real Deal Miami

South Florida’s priciest residential sales in 2017

Deals ranged from $40M Manalapan mansion to $85M teardown in Palm Beach
By Katherine Kallergis | December 28, 2017 09:45AM

Despite the ongoing slowdown of luxury sales in South Florida, a number of big-ticket deals closed in Palm Beach, Broward and Miami-Dade counties this year.

The ultra-high-end market in Palm Beach dominated The Real Deal’s ranking of residential sales this year, starting with the $85 million off-market trade of a teardown in the tony town — marking the second-priciest residential sale in Palm Beach’s history.

Price cuts, which were necessary to move homes off the market in 2016, again did the trick this year as sellers begrudgingly adjusted to today’s market. Case in point: After listing his 3.6-acre Coral Gables estate for $67 million in 2015, auto magnate Alan Potamkin sold the property in March for $43.7 million, a reduction of about 35 percent.

Here’s a look at the five largest residential sales in 2017, according to Redfin data compiled by TRD. All of the top deals closed by March, before the summer slowdown and Hurricane Irma.

1) 1290 South Ocean Boulevard
$85 million

Hedge fund billionaire Ken Griffin paid $85 million for a missing piece of his oceanfront assemblage in Palm Beach. The deal, which closed in January, was the second-most-expensive to ever close in Palm Beach, following the 2008 sale of 515 North County Road, which President Trump sold to Russian billionaire Dmitry Rybolovlev for $95 million.

Griffin bought the 4.18-acre estate at 1290 South Ocean Boulevard from Linda and Paul C. Saville. It brings his total on the street to more than 12 acres and nearly $230 million spent assembling it.

The Citadel founder and CEO, a Palm Beach County native, is building a 55,800-square-foot mansion on the properties, which front Blossom Way.

2) 60 Blossom Way
$77 million

Fellow billionaire Frank McCourt paid the second-highest price in South Florida this year when he spent more than $77 million on the oceanfront estate at 60 Blossom Way.

Venezuelan bank owner and polo player Victor Vargas sold the Polynesian-style home to McCourt, a real estate investor and former Los Angeles Dodgers owner, in April. Previous owners include billionaire George Lindemann, who sold it to Vargas in 2008 for $68.5 million.

McCourt’s new home, an eight-bedroom, 18,500-square-foot mansion, included interiors by Peter Marino Architect, hardwood and marble finishes, pools and a separate dining pavilion.

3) 101 Indian Road
$49 million

Developer Robert Fessler and his partners set a record for the priciest spec home sale in Palm Beach County in February, when they sold the mansion at 101 Indian Road for $49 million. 

A land trust bought the 18,300-square-foot British Colonial-style home, which includes a guest house, cabana, wine cellar, movie theater, gym, sauna, steam room, four fireplaces, a six-car garage and more than 140 feet of ocean frontage. Together with the beach, the property totals about 3.5 acres.

It hit the market for $55 million in February of last year, and the owner bumped the price up to $59 million in March, according to the MLS. But it ultimately sold for a nearly 17 percent discount off its last asking price.

Cristina Condon of Sotheby’s International Realty represented the seller, and Christian Angle of Christian Angle Real Estate represented the buyer.

4) 1 Casuarina Concourse
$43.7 million

After price adjustments, Alan Potamkin sold his 3.6-acre waterfront estate in Coral Gables for $43.7 million. The March deal was the most expensive residential closing in Miami-Dade County this year.

The dealership mogul and his wife Brigitt Rok Potamkin sold the property to One Casuarina LP, a Delaware entity. After listing the massive estate at 1 Casuarina Concourse for $67 million in May 2015, Potamkin listed the home on its own for $49 million in February 2016, with the option to buy the adjacent lot.

But the entire property, which includes 937 feet of water frontage, a nearly 21,000-square-foot mansion, a 1,500-bottle wine room, an aviary, gym, game room, nanny’s quarters and more, sold together.

Coldwell Banker’s the Jills represented the seller.

5) 1370 South Ocean Boulevard
$40 million

Also in March, Patrón Spirits Company CEO Edward M. Brown sold his 3-acre waterfront estate at 1370 South Ocean Boulevard to an unknown London buyer.

The 32,000-square-foot, nine-bedroom Manalapan mansion featured a “man cave” stocked with Patrón, a $1 million waterfall, a $50,000 racing simulator and a 1,500-square-foot closet in the master suite.

Jack Elkins of the Fite Group had the listing, while Farid Moussallem of Compass represented the buyer. Elkins listed the home in the spring of 2015 for $37.5 million, but said at the time that the price would increase as renovations progressed. In August, it came back on the market asking $48.9 million.

Harunobu Coryne contributed reporting.