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

It hit the market last year for $25M

TRD MIAMI /
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.


Related Articles

arrow_forward_ios
34 Star Island Drive with Albert Justo, Stacy Robins and Mirce Curkoski (Redfin)

Former Star Island residents return, buy $12M waterfront home

Former Star Island residents return, buy $12M waterfront home
1510 West 25th Street, Valerio Morabito (inset) and Gianluca Vacchi (Getty, Douglas Elliman)

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion
WeWork Lenox Avenue, WeWork Lincoln Road and CEO Sandeep Mathrani (Lenox location by Katherine Kallergis, WeWork, iStock)

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Billionaire hedge funder sells South Beach PH at a loss

Billionaire hedge funder sells South Beach PH at a loss
(iStock)

South Florida by the numbers: From the Big Apple to the Magic City

South Florida by the numbers: From the Big Apple to the Magic City
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
6380 north bay road with Richard and Barbara Lane (Urdapilletta Real Estate, A Scott/Patrick McMullan/Getty)

Real estate honcho buys waterfront North Bay Road home for $9M

Real estate honcho buys waterfront North Bay Road home for $9M
Shelborne South Beach

Shelborne South Beach unit owners lose appeal contesting $30M in assessments

Shelborne South Beach unit owners lose appeal contesting $30M in assessments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...