A tech entrepreneur sold his South Beach condo for $8.75 million to an executive at Neuberger Berman in Chicago.
John D. Marshall, founder of the mobile security company AirWatch, sold unit 1402/03 at 50 South Pointe Drive in Miami Beach to Thomas O’Reilly, co-head of non-investment grade fixed income at the Chicago firm, according to a source.
The deal marks the most expensive sale in the Continuum North tower this year, according to a spokesperson from One Sotheby’s International Realty. Ivan Chorney and Michael Martirena of One Sotheby’s represented the buyer, whom they declined to identify.
Eloy Carmenate and Mick Duchon of Douglas Elliman were the listing agents. Elliman declined to comment.
The 3,497-square-foot, four-bedroom condo sold for about $2,500 per square foot. The unit has an open floor plan, stone flooring and a Calcutta marble master bathroom. It hit the market in 2018 for $10.7 million. The price was reduced to $9.25 million earlier this year.
Property records show Marshall’s Miami Sun Holdings IV LLC paid $8.85 million for the unit in 2016, which means he sold it for $100,000 less than he paid.
The Continuum features two lagoon style pools, one lap pool, three clay tennis courts, and a 20,000-square-foot fitness center and spa. Alberto “Beto” Pérez, the creator of Zumba, recently paid $5.5 million for unit 2704 in the North tower of the Continuum.
In July, Marshall proposed plans to convert the nearby building at 224 Second Street in South Beach into a private school for up to 40 children between the ages of four and seven.