Metals executive mines Miami Beach home

It sold at a loss from its previous sale price a decade ago

55 Palm Avenue (Credit: Realtor and iStock)
55 Palm Avenue (Credit: Realtor and iStock)

Metals executive Jesús Alberto Arias closed on a waterfront mansion on Palm Island, records show.

Arias, chairman of Sierra Metals, paid $11.8 million for the 13,089-square-foot home at 55 Palm Avenue in Miami Beach. Todd David Snyder and Jessica Molly Snyder sold the eight-bedroom, 12-bathroom estate.

The house was listed for $13.8 million with Lourdes Alatriste of Engel & Völkers. Alatriste declined to comment on the deal. Darin Tansey of Douglas Elliman represented the buyer, according to

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Arias is also founder and president of Arias Resource Capital Management, and is on the board of Largo Resources Ltd. and Dia Bras Exploration, Inc., according to the Wall Street Journal. He previously worked for Goldman Sachs as managing director and head of equity research for metals and mining in the U.S., Canada and Latin America.

The Palm Island house sits on a 30,000-square-foot lot and last sold for $11.95 million in 2009. That means the Snyders sold the property at a slight loss a decade after they purchased it. The home was mostly built in 2008, with a small portion dating back to 1928.

Last year, reggaeton singer and songwriter Nicky Jam paid $3.4 million for a non-waterfront home at 240 Palm Island Drive. Rapper and music producer Bryan “Birdman” Williams has also called the island home.