Apollo’s Marc Rowan sells One Ocean condo at a loss

Private equity billionaire lost about $500k in 2 years on the South Beach unit

One Ocean unit 701 and Marc Rowan
One Ocean unit 701 and Marc Rowan

Apollo Global Management co-founder Marc Rowan just sold his One Ocean condo in Miami Beach at a loss, property records show.

The private equity billionaire’s MCR Holdings LLC sold unit 701 at 1 Collins Avenue to Rodolfo Casasola and Jill Marker for $6.5 million. Rowan’s LLC paid slightly over $7 million for the four-bedroom, 3,420-square-foot condo when the building was completed in 2016, marking a loss of about $500,000.

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Rowan is worth about $3.2 billion, according to Forbes. Apollo is one of the biggest private equity firms in the U.S. with $232 billion in assets.

Eloy Carmenate and Mick Duchon of Douglas Elliman represented the seller, and Daniel Falcon and Bernardo Gonsalves of Gary Hennes Realtors represented the buyers, according to Redfin. It sold for about $1,900 per square foot.

The Related Group, led by Jorge Perez, built the 46-unit luxury condo development and Mexican architect Enrique Norten designed the project. That same year, Perez listed his penthouse for $20 million — more than quadruple his purchase price. It was later taken off the market.