The Real Deal Miami

Rob Arnott pays $32M for La Gorce mansion in Miami Beach

Financial whiz pays $2,900 a foot for waterfront spec home
By Katherine Kallergis | June 04, 2018 03:15PM

34 La Gorce Circle and Rob Arnott

UPDATED, 9:18 a.m., June 5: Investment guru and Research Affiliates founder Rob Arnott just closed on a waterfront spec mansion in Miami Beach in what looks to be the most expensive purchase in Miami Beach since at least 2015.

Property records show that Arnott, recently dubbed a “modern-day Socrates” by Barron’s, paid $32 million, or just over $2,900 a foot, for a seven-bedroom, 11,000-square-foot home at 34 La Gorce Circle. There hasn’t been a deal in that price range on the beach since Ken Griffin purchased two penthouses in Faena House for $60 million, an analysis of city records by The Real Deal shows.

Coldwell Banker’s The Jills, led by Jill Hertzberg and Jill Eber, were the listing agents. They declined to comment.

Developer Thomas Danluck put the La Gorce property on the market in January for $38 million, or about $3,450 per square foot.

The Arnotts are listed as the owners on a May 24 agreement with the La Gorce Island Association. Arnott’s firm, California-based Resarch Associates, has $201 billion in assets under management, according to the company’s website. It is a subadviser to Pimco, which has $1.77 trillion in assets under management.

The estate includes a motor court, meditation garden, staff quarters, home theater, cabana and pool. It was designed by Kobi Karp and Artefacto. The 23,000-square-foot property features about 140 feet of water frontage. Records show 34 La Gorce Circle Partners, a company controlled by Danluck, paid $14 million for the lot in 2014.

Sources said the deal closed last week for about $32 million, but it is unclear if that price includes furnishings. The property was under contract as of mid-April, according to Redfin. It’s no longer listed on the MLS.

Correction: An earlier version of this story incorrectly identified the sale as a record in Miami-Dade County since 2015. It is a record in Miami Beach.