Miami Beach estate built by Collins family sells for 40% off ask

It hit the market last year for $25M

Sep.September 12, 2018 03:35 PM

5011 Pine Tree Drive

A Miami Beach estate built by the city’s founding Collins family just sold for $14.5 million – more than 40 percent off its original $25 million price tag.

An entity controlled by German Prieto, Jose Vazquez and Angele B. Espuny de Prieto sold the 2-acre, nearly 14,000-square-foot mansion at 5011 Pine Tree Drive, records show. The deal breaks down to $1,070 per square foot. The company paid $7.9 million for the property in 2004.

The buyer, Jamie Mandel, is listed as the trustee of the Perpetual Love 5011 Residence Trust.

The son of Miami Beach founding father John Collins built the mansion in the 1920’s. Russell Pancoast, a famous architect known for designing the Bass Museum among other properties, designed the 10-bedroom home. Features include 600 feet of water frontage, a deep water yacht dock, a boat house and lighted tennis courts. The property also has two guest houses and a pool.

Ralph Arias of One Sotheby’s International Realty had the listing. The home hit the market last year asking $24.95 million. Arias declined to comment. Nancy Batchelor of EWM Realty International brought the buyer.

In June, Brazilian real estate developer Victor Malzoni sold his nearby mansion at 4647 Pine Tree Drive for $17 million.

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