The Real Deal Miami

European investor lists Normandy Shores spec home for $12.6M

Ginestet paid $1.7M for the lot in 2011 and recently completed the mansion
By Amanda Rabines | April 11, 2018 10:30AM

1070 South Shore Drive (Credit: One Sotheby’s International Realty)

1070 South Shore Drive (Credit: One Sotheby’s International Realty)

UPDATED, 11 a.m., April 11: European real estate investor Philippe Ginestet just listed his newly completed home in the Miami Beach neighborhood of Normandy Shores for $12.6 million.

Ginestet, who leads Eurinvest Groupe in France and Belgium, is looking to sell the 8,000-square-foot home at 1070 South Shore Drive. It was completed earlier this month, listing agent Florian Jouin of One Sotheby’s International Realty said.

Ginestet’s firm focuses on commercial real estate investment in Europe, according to Eurinvest’s website.

The seven-bedroom Miami Beach home includes 24-foot floor-to-ceiling windows, a floating glass staircase, and wooden and marble floors. The 20,000-square-foot property also features an infinity pool with a cabana, a dock, and more than 300 feet of bay frontage.

Property records show Ginestet’s Shore Property LLC paid $1.7 million for the lot in 2011. It borders the Normandy Shores Golf Course.

In 2016, developer Humberto Ramirez sold his Normandy Shores spec home, which sits on a nearly 10,000-square-foot lot, for $5.15 million.

An earlier version of this story incorrectly identified the seller.