Spec home builders sell North Bay Road mansion for $16M
Brett Palos and Bart Reines developed the home, asking $19.5M
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.