The Real Deal Miami

Construction firm CEO buys PH at Grove at Grand Bay

5-bedroom penthouse traded at a 34% discount off original asking price
By Amanda Rabines | January 10, 2018 09:45AM

PH2 at Grove at Grand Bay and William Haugland (Credit: Cervera Real Estate and Haugland Group)

The CEO of a major construction company just spent $8.25 million on a penthouse in Coconut Grove.

William Haugland, chairman and CEO of Plainview, New York-based Haugland Group, and his wife Linda just picked up PH2 at Grove at Grand Bay, according to the firm that brokered the deal. His multistory penthouse spans 5,216 square feet, meaning it traded for about $1,580 per square foot.

The Haugland’s five-bedroom, six-and-a-half bathroom home was designed by Paolo Bacchi, and came with turn-key, custom-designs by Artefacto, including marble floors, artwork and a high-brow baccarat chandelier designed by Marcel Wanders.

Cervera Real Estate’s Sandra Masis had the listing. The penthouse hit the market in August for $12.5 million. The 34 percent discount off the original asking price is telling of the current luxury condo real estate market, where plenty of luxury condo owners are considering reducing their prices in order to sell.

Terra completed Grove at Grand Bay two years ago. The 98-unit, twin 20-story development at 2669 South Bayshore Drive, was designed by starchitect Bjarke Ingels along with John Nichols of Nichols Brosch Wurst Wolfe & Associates. Sales launched in 2012.

Other buyers so far include Terra founder and chairman Pedro Martin; Aztec Group founder and CEO Ezra Katz; and hotel developer Bernard Wolfson.