The Real Deal Miami

Former Citigroup exec sells Key Biscayne waterfront home for $11M

Sale for 20,933 sf lot breaks down to about $530 psf for the land
By Amanda Rabines | August 24, 2018 01:30PM

398 Harbor Drive

Former Citigroup executive Mark Rufeh just sold his bayfront home in Key Biscayne for $11.1 million to an unidentified buyer.

The deal for the 2,561-square-foot home at 398 Harbor Drive breaks down to about 4,300 per square foot. The waterfront house, built in 1952, sits on a 20,933-square-foot lot, meaning the land traded for about $530 per square foot.

Property records show that Rufeh, who previously served as a managing director and co-head of Citigroup’s global operations and technology division, sold the property to a Delaware limited liability company represented by Feldman Law in Kendall.

Rufeh bought the property in 2013 for $8.45 million, records show.

Brigitte Nachtigall with Great Properties International represented Rufeh. Online marketing materials show the property hit the market in January for $12.95 million, meaning it sold at a 14 percent discount off its asking price.

In June, Mexican casino owner Rual Rocha Cantu paid $12 million for a Key Biscayne mansion at 260 Cape Florida Drive. The former chairman of Live Nation and the founder of SB2N Entertainment, Michael Cohl, also recently sold his home in Key Biscayne as part of a swap for a suite in a Fisher Island condominium.