Brazilian paper magnate throws $7M in bills for Palazzo Del Sol condo

A company tied to the Klabin family bought the Fisher Island unit for $1,924 psf

Jul.July 19, 2019 04:30 PM
Palazzo Del Sol

Palazzo Del Sol

The family that owns one of the largest paper manufacturers in Brazil paid $7.3 million for a condo at Palazzo Del Sol on Fisher Island.

Masterpiece Property Holdings Corp., which is tied to Maria De Carvalho Klabin and Roberto Leme Klabin, bought the 3,793-square-foot condo at 7065 Fisher Island for $1,924 per square foot, records show. The development group PDS Development sold the unit.

Dora Puig of Fisher Island Real Estate, LLC represented the buyer and the seller in the transaction, according to RedFin.

The Klabin family controls São Paulo-based Klabin SA, one of Brazil’s largest pulp and paper manufacturers. The company was founded in 1899, according to its website.

The 10-story Palazzo Del Sol has 43 units on ritzy Fisher Island, which is consistently ranked as America’s wealthiest Zip code. The island can only be reached by ferry, boat or helicopter.

Palazzo Del Sol was completed in 2016 as the first condominium project to be built on the island since 2007. The tower was designed by Kobi Karp, with landscaping by Enzo Enea.

Other residents at Palazzo Del Sol include billionaire and former Hasbro CEO Alan Hassenfeld, Yard House founder and CEO Steele Platt, and former Formula One driver Enrique Bernoldi. There are four units that remain unsold, according to a spokesperson for the development.

In December, PDS Development secured a $50 million bridge loan to finance its two luxury Fisher Island condominium projects. The group’s 50-unit Palazzo Della Luna is currently under construction and is expected to be delivered later this year.

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