Nissan North America Chairman Jose Valls paid $5.1 million for a luxury condo in Key Biscayne.
Property records show Valls and his wife, Geraldine Lanusse, closed on unit 208 at Ocean Tower II. The sellers were Gary Schermerhorn and Miriam Esteve, acting as trustees of a trust.
Valls was promoted to chairman of the Japanese automaker earlier this year amid slow sales and a drop in profits. He joined Nissan in 2011 and led its Latin American region, according to Automotive News.
His wife, Lanusse, with CWV Realty Group, was the buyer’s agent in the Key Biscayne condo deal. Brigitte Nachtigall of Great Properties International LLC represented the sellers.
The six-bedroom, 6,701-square-foot unit first hit the market in 2015 for $7.9 million and was later relisted, most recently at $5.7 million, according to Realtor.com. It sold for $761 per square foot.
The Key Biscayne unit features a large, 3,710-square-foot terrace with its own pool and Jacuzzi, as well as a private garage with space for two cars.
Property records show it last sold for $5.55 million in 2009, which means Schermerhorn and Esteve sold it for about $450,000 less than what they paid a decade ago. That’s becoming more common amid a glut of luxury condos on the market.