Convicted tax evader pays $7M for Oceana Bal Harbour condo

Jack Barouh and his wife Rita sold their Golden Beach estate last month for $7.2M

Oceana Bal Harbour with Jack and Rita Barouh (Oceana Bal Harbour, the Barouhs via Europa Star)
Oceana Bal Harbour with Jack and Rita Barouh (Oceana Bal Harbour, the Barouhs via Europa Star)

A convicted tax evader and his wife snagged a condo at Oceana Bal Harbour for $6.7 million, a month after the couple sold their Golden Beach home for $7.2 million.

Jack and Rita Barouh bought the 3,992-square-foot unit 1401 at the south tower of the luxury development at 10201 Collins Avenue in Bal Harbour for $1,803 per square foot, records show. The development group, Consultatio Bal Harbour, sold the unit.

Jack Barouh, who owned Michele Watches, was sentenced to 10 months in prison in 2010 for tax evasion. Barouh admitted to hiding about $10 million in bank accounts in Switzerland and Hong Kong in the early 2000s, arguing that he was motivated to do so because of a “hide and hoard” behavior adopted by Holocaust survivors and their families, according to Reuters.

Sign Up for the undefined Newsletter

In June, Jack and Rita Barouh sold their three-bedroom, 5,373-square-foot house at 125 Ocean Boulevard in Golden Beach for $7.2 million, records show. The Barouhs had paid $5 million for the house in 2005.

Oceana Bal Harbour, completed in 2016, has 240 units and an estimated sellout of $1.3 billion. The luxury condo development was designed by Arquitectonica, with interiors designed by Piero Lissoni.

The 5.5-acre site was formerly the Bal Harbour Beach Club before Consultatio USA purchased it in 2012 for $220 million. A year later, the development group, led by Eduardo Costantini, secured a $332 million construction loan for the project from a group of lenders led by HSBC.