UPDATED, Feb. 20, 11:35 a.m.: The founder of a Brazilian food company sold his waterfront mansion on North Bay Road to fashion executive and investor J. Christopher Burch.
Property records show SPN Florida LLC, led by Salvador Paoletti Neto, sold the 10-bedroom, 7,746-square-foot house at 5050 North Bay Road for $14.2 million, a loss from the previous sale about six years ago.
Burch is founder and CEO of Burch Creative Capital, co-founder of Tory Burch LLC and ex-husband to Tory Burch. His New York-based firm invests in apparel and accessories, snack foods and more.
The North Bay Road property is not the first Miami Beach home for the fashion mogul. In August, he sold the waterfront home at 5111 Pine Tree Drive for $10.7 million. Fabio Lopes of Coldwell Banker, who represented Burch in his latest purchase, said that Burch plans to make minor improvements to the property and live in it. Burch “loved the bones of the house,” Lopes said.
Paoletti Neto, the seller, founded Quero Alimentos, which he later sold to Heinz Brasil, and is vice president of Heinz Brasil’s board of directors, according to published reports. In 2011, Heinz purchased an 80 percent interest in Quero Alimentos, which makes tomato sauces, condiments, spices and more.
The North Bay Road property includes a three-car garage, a guest house, summer kitchen, pool and oversized dock, according to the listing. It also has 10 bedrooms, 11 bathrooms and two half-bathrooms. The house was on the market with Chad Carroll and Mariana Trentini of Douglas Elliman.
The house, which sits on a 32,085-square-foot lot, hit the market in 2015 for $33 million, and was later relisted, most recently for $16.5 million.
Records show the property last sold in 2014 for nearly $18 million.
Last year, retired Miami Heat player Dwyane Wade listed his home nearby at 5980 North Bay Road for $32.5 million.
In January, a waterfront lot at 4424 North Bay Road sold to Jennifer Taplin Sazant and Neil Sazant for $7 million.
In August, a California buyer purchased the waterfront spec mansion at 6360 North Bay Road for $23.85 million and a lot next door at 6342 North Bay Road for $11.55 million. The combined price marked a record for the year in Miami Beach.