French real estate investor sells Normandy Shores spec mansion

Home hit the market in April for $12.6M and sold for $8.5M

Jan.January 10, 2019 03:30 PM
1070 South Shore Drive (Credit: One Sotheby’s International Realty)

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

UPDATED, Jan. 11, 8:58 a.m.: French real estate investor Philippe Ginestet just sold his waterfront spec mansion on Miami Beach’s South Shore Drive for a discounted $8.5 million.

Ginestet sold the 8,083-square-foot home at 1070 South Shore Drive to South Shore Drive Property Trust, records show. The buyer financed the deal with a $6.3 million mortgage from PNC Bank.

Ginestet, a commercial real estate investor who leads the French company Eurinvest, put the seven-bedroom, eight-bathroom house on the market in April for $12.6 million, which means it sold at a 33 percent discount off the ask.

Florian Jouin of One Sotheby’s International Realty represented the seller, while Edgar Alba of Alba International Realty represented the buyer.

Jouin said that the property offered more value than nearby homes on North Bay Road, which are priced much higher. Prospective buyers came from France, California and the northeast, he said.

The mansion is located inside the gated community of Normandy Golf Course Island. It has 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. Records show Ginestet’s Shore Property LLC paid $1.7 million for the lot in 2011.

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.

Correction: An earlier version of this story incorrectly identified the seller. 

Related Articles

Pablo Camposano, Phil Gutman and Felix Bendersky, with 200 South Pointe Drive (Credit: Google Maps)

Bull’s-eye: Norway dart club lands on South Beach for first US location

Chad Carroll, Mariana Trentini, and Fabio Lopes, and Christopher Burch with 5050 North Bay Road

Heinz Brasil exec sells waterfront North Bay Road home to Christopher Burch

Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

Amir Zwickel and a Showfields store

Showfields to bring new retail concept to Lincoln Road

David Arditi of Aria Development Group and 321 Ocean

Condo association alleges construction defects at 321 Ocean: lawsuit

Julian Cohen and a rendering of the project

Felix and Julian Cohen propose waterfront spec mansion on North Bay Road

1452 Washington Avenue (Credit: Google Maps, iStock)

Spanish investor buys mixed-use building near Española Way