Underwear manufacturers shed Bal Harbour mansion for $12M

Seller’s company manufactures Papi and Rico underwear brands, in addition to Perry Ellis

Miami /
Jul.July 11, 2019 01:30 PM
88 Bal Bay Drive with Jeff Miller and Ruth and Alan Zelcer

88 Bal Bay Drive with Jeff Miller and Ruth and Alan Zelcer

Clothing manufacturers Alan and Ruth Zelcer sold their waterfront Bal Harbour estate for $12.2 million.

Property records show the Zelcers sold the 12,000-square-foot mansion at 88 Bal Bay Drive to an LLC managed by lawyer Stephen J. Grave de Peralta.

Alan is CEO of Isaco International Corp., a designer, distributor and licensee of men’s underwear and ties, while Ruth is vice president of merchandising at the company. The company manufactures its brands, Papi and Rico, as well as other labels like Perry Ellis.

The sale of their six-bedroom, seven-and-a-half bathroom home closed just days after a new single-family home record was set in Bal Harbour, with the $24 million closing of 224 Bal Bay Drive in late June.

Jeff Miller of Brown Harris Stevens Miami was the listing agent of 88 Bal Bay Drive. The Zelcers bought the property in 1997 and spent $4.5 million renovating it. The house features a 2,700-square-foot master suite with a sitting room, bedroom, separate bathrooms and walk-in closets. The nearly 1-acre property also has 207 feet of deep-water dockage, a half basketball court, guest house and courtyards.

The house was built in the 1960s and once belonged to Vijay Mallya, an Indian-born businessman who hosted extravagant events at the property.

A French buyer purchased the $24 million mansion at 224 Bal Bay Drive, beating the previous Bal Harbour record $17.5 million single-family home sale of 182 Bal Bay Drive in 2013.


Related Articles

arrow_forward_ios
Matthew Whitman Lazenby and Bal Harbour Shops
Special election could pave way for height increase at Bal Harbour Shops
Special election could pave way for height increase at Bal Harbour Shops
Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps)
Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour
Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour
Diego Lowenstein, Dayssi Olarte de Kanavos, Paul Kanavos, and Ronny Ben Josef, with The The Sagamore (Credit: The Sagamore Hotel)
Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore
Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore
Dina Goldentayer, Ryan Cohen and the Bal Bay Drive home (Credit: Kris Tamburello/Douglas Elliman)
Lawsuit alleges Harding Realty cut out of $24M Bal Harbour sale, reveals Chewy founder as alleged buyer
Lawsuit alleges Harding Realty cut out of $24M Bal Harbour sale, reveals Chewy founder as alleged buyer
A renderings of the Shops at Sunset Place project and a rendering of the Surfside Town Center project
Voters decide South Miami, Surfside and Bal Harbour real estate referendums
Voters decide South Miami, Surfside and Bal Harbour real estate referendums
Laurent Ouazana and 224 Bal Bay Drive (Linkedin, Douglas Elliman)
French insurance firm CEO sells Bal Harbour mansion for $24M
French insurance firm CEO sells Bal Harbour mansion for $24M
122 Bal Bay Drive, Jerome and Debbie Falic (Credit: BILLY FARRELL/Patrick McMullan via Getty Images)
Duty Free Americas owners purchase another home in Bal Harbour
Duty Free Americas owners purchase another home in Bal Harbour
Louise Sunshine with 10225 Collins Avenue
Louise Sunshine buys oceanfront Bal Harbour condo
Louise Sunshine buys oceanfront Bal Harbour condo
arrow_forward_ios

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

Loading...