Spec home builders sell North Bay Road mansion for $16M

Brett Palos and Bart Reines developed the home, asking $19.5M

Miami /
Sep.September 24, 2019 12:30 PM
 5712 North Bay Road and Rodney O’Neal (Credit: Realtor and Getty Images)

5712 North Bay Road and Rodney O’Neal (Credit: Realtor and Getty Images)

Spec home builders Brett Palos and Bart Reines sold a waterfront Miami Beach estate for $16 million, property records show.

The buyer is Rodney O’Neal, the former president and CEO of Delphi Automotive, an auto parts supplier. 5712 North Bay Road LLLP sold the six-bedroom, 7,660-square-foot house at 5712 North Bay Road.

Esther Percal of Berkshire Hathaway HomeServices EWM Realty International represented the seller, while Jill Eber of Coldwell Banker brought the buyer, according to Realtor.com.

The house, designed by architect Kobi Karp, was recently completed, and features a two-car garage, outdoor gazebo with a summer kitchen, four bedroom suites on the second level, a master suite, and smart home technology. It hit the market last year for $18 million and was repriced at $19.5 million in March.

The property sold at an 18 percent discount to the highest asking price.

Records show the 15,000-square-foot lot last sold in 2016 for $5.15 million.

O’Neal remained with Delphi Automotive as it restructured during bankruptcy, according to the Wall Street Journal. He’s known for reshaping the company from an auto parts supplier into one that develops computers and electronics for cars and trucks, according to the Automotive Hall of Fame.

A handful of properties have sold along North Bay Road in recent months. In August, hotelier Keith Menin paid just over $12 million for the eight-bedroom, nearly 15,000-square-foot mansion at 2318 North Bay Road.

Also in August, a California buyer purchased a waterfront mansion and lot on North Bay Road for a combined $35.4 million, marking a record sale in Miami Beach this year.


Related Articles

arrow_forward_ios
Oceana Key Biscayne at 360 Ocean Drive, Key Biscayne
Miami-Dade condo sales and volume dip in second week of June
Miami-Dade condo sales and volume dip in second week of June
Developers David Martin, Russell Galbut and renderings of the project.
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
HFZ’s Ziel Feldman with the Shore Club (Getty, Facebook via Shore Club)
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
Chris Lorenzen and Richard W. Gray III with Apogee at 800 South Pointe Drive in Miami Beach (LinkedIn, DJR Enterprises, Apogee Condo South Beach)
Securities trading CEO buys Apogee condo in South Beach for $12M
Securities trading CEO buys Apogee condo in South Beach for $12M
Palazzo Del Sol (7000 Fisher Island Drive, Fisher Island) (Google Maps)
$19M Fisher Island PH leads weekly condo sales
$19M Fisher Island PH leads weekly condo sales
The Clevelander South Beach (Getty)
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Steven, Lauren and Zach Witkoff with the Ritz-Carlton Residences, Miami Beach (Getty, Witkoff, Ritz Carlton)
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
Vlad Doronin and renderings of Robert Pera’s 23 Star Island home. (Getty, Choeff Levy Fischman)
Vlad Doronin picks fight with Memphis Grizzlies owner over design of future Star Island mansion
Vlad Doronin picks fight with Memphis Grizzlies owner over design of future Star Island mansion
arrow_forward_ios

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

Loading...