Louise Sunshine sells her Miami Beach penthouse at a “tremendous loss”

Sunshine said she lost about $2M on the deal

TRD MIAMI /
Apr.April 10, 2020 03:38 PM
Louise Sunshine and the Grand Venetian in Miami Beach (Credit: Google Maps)

Louise Sunshine and the Grand Venetian in Miami Beach (Credit: Google Maps)

Real estate sales, marketing and development expert Louise Sunshine sold her combined penthouse unit at the Grand Venetian in Miami Beach, losing about $2 million on the sale, The Real Deal has learned.

Sunshine had the two-story, 6,400-square-foot unit on and off the market since at least 2015, at one point asking nearly $12 million. She sold it for $5.7 million to a foreign buyer, according to property records.

Sunshine paid more than $4 million for units 2502 and 2503 in August 2013, and later combined and renovated the condos at 10 Venetian Way, on Belle Isle in the Venetian Islands. She sued the Grand Venetian homeowners’ association in 2015 for requiring her to pay a $1 million fee to combine the units.

The penthouse has six bedrooms, six bathrooms and includes three balconies, an elevator, marble floors, 20-foot ceilings with floor-to-ceiling glass and a glass staircase.

“I lost about $2 million because my construction costs of combining those two residences and the time delays caused by the board and the building, which held up the construction process, was too long,” she said, adding that the sale “barely covered the cost of my mortgage.”

Sunshine moved to a rental at Bellini Bal Harbour, at 10225 Collins Avenue, because the closing of her Grand Venetian unit was moved up to April 1.

“Moving during the coronavirus is the most impossible task I’ve ever undertaken,” she said. Sunshine stayed at the Four Seasons Hotel at the Surf Club for about three weeks. She’s been a strategic adviser for Fort Partners, working on Four Seasons-branded developments in Surfside and in Fort Lauderdale.

The off-market deal of her Grand Venetian penthouse was brokered by Jill Hertzberg of The Jills Zeder Group at Coldwell Banker, who had the exclusive listing in 2015. It was later listed by other agents, and was most recently asking about $6.5 million, Sunshine said.


Related Articles

arrow_forward_ios
Eddie Irvine with 1061 N Venetian Drive and 1350 S Venetian Way (Getty, Realtor)

Spec home developer Eddie Irvine buys Venetian Islands lot

Spec home developer Eddie Irvine buys Venetian Islands lot
From left: Jorge Pérez, Stuart Miller, Craig Robins, Louise Sunshine, and Russell Galbut,(Credit: Patrick McMullan via Getty Images)

Here are the South Florida real estate players who donated to candidates in 2020

Here are the South Florida real estate players who donated to candidates in 2020
Brian Stafford & Celine Dufetel, with the home (Credit: Google Maps)

C-suite execs pay $13M for Venetian Islands mansion

C-suite execs pay $13M for Venetian Islands mansion
Julian Johnston, Gatien Salaun, and 709 East Dilido Drive

Brazilian billionaire sells Venetian Islands home for $10M

Brazilian billionaire sells Venetian Islands home for $10M
Jacques Nasser aJacques Nasser and 445-441 East Rivo Alto Miami Beachnd 445-441 East Rivo Alto Miami Beach (Courtesy of Dora Puig / Luxe Living Realty)

Longtime Ford Motor exec sells Venetian Islands estate for $18M

Longtime Ford Motor exec sells Venetian Islands estate for $18M
Louise Sunshine with 10225 Collins Avenue

Louise Sunshine buys oceanfront Bal Harbour condo

Louise Sunshine buys oceanfront Bal Harbour condo
941 North Venetian Drive (Kris Tamburello for Douglas Elliman)

Developers sell Venetian Islands spec mansion for $13.6M

Developers sell Venetian Islands spec mansion for $13.6M
Nine Island Avenue (Google Maps)

Construction firm alleges Venetian Islands condo association skipped out on $720K

Construction firm alleges Venetian Islands condo association skipped out on $720K
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...