Underwear manufacturers shed Bal Harbour mansion for $12M

Seller’s company manufactures Papi and Rico underwear brands, in addition to Perry Ellis
By Katherine Kallergis | July 11, 2019 01:30PM

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.