Wackenhut scion pays $15M for Fisher Island penthouse

Seller is daughter of Vector Group Chairman Bennett LeBow

TRD MIAMI /
Aug.August 07, 2020 11:30 AM
5203 Fisher Island Drive, Pablo Alfaro and Cyril Matz (Credit: Douglas Elliman)

5203 Fisher Island Drive, Pablo Alfaro and Cyril Matz (Credit: Douglas Elliman)

UPDATED, Aug. 8, 4:30 p.m.: An heir to George Wackenhut, founder of his eponymous security firm, paid $15 million for a condo on ritzy Fisher Island.

Property records show FI 5203 LLC, led by Stephanie Don, sold the five-bedroom, 9,570-square-foot penthouse at 5203 Fisher Island Drive to the Janis Wackenhut Revocable Trust.

Wackenhut, daughter of the late George Wackenhut, financed the purchase with a $10 million loan from J.P. Morgan, records show.

The Wackenhut Corp., founded in 1954 in Coral Gables, was acquired by a Danish company in 2002 for $570 million. It became G4S Wackenhut, and then G4S Secure Solutions.

Pablo Alfaro and Cyril Matz of Douglas Elliman represented the buyer and seller. Elliman declined to comment.

The Bayview Fisher Island condo used to belong to Don’s mother, the late Geraldine LeBow, and is tied to her father, Bennett S. LeBow, chairman of Vector Group’s board. Geraldine and Bennett LeBow were married until her death in 2011.

Geraldine LeBow paid $4.25 million for the unit in 1995, purchasing it from the developer, according to property records. Miami-based Vector is the parent company of Douglas Elliman.

The penthouse features its own gym, separate staff apartment, wraparound balcony, library, a swimming pool, five parking spaces, two golf carts and direct elevator access, according to the listing. It hit the market last year for $21 million, meaning it sold at a 29 percent discount off the asking price.

The unit went through a three-year renovation and was designed by Marc-Michaels Interior Design, the listing shows.

Fisher Island has been home to celebrities such as Oprah Winfrey and Mel Brooks. The exclusive island is ranked as America’s wealthiest ZIP code and can only be reached by ferry, boat or helicopter.

In June, Eastdil Secured founder and Chairman Benjamin Lambert sold his Fisher Island condo for $4.85 million to Joe Dimartini, CEO of Zelis Payments. Matz was involved in that deal as well.

Earlier this year Raul Fernandez, co-owner of the Washington Wizards and Washington Capitals, sold his unit at 7600 Fisher Island Drive for $5.95 million.

Write to Katherine Kallergis at [email protected]


Related Articles

arrow_forward_ios
Heinrich Von Hanau

Fisher Island developer scores approval for residential projects on exclusive island

Fisher Island developer scores approval for residential projects on exclusive island
(Google Maps, Realtor)

Miami condo sales and dollar volume both rise at end of September

Miami condo sales and dollar volume both rise at end of September
Bayview Fisher Island unit 5112 and Thomas E. Lauria (Douglas Elliman, White & Case)

Insurance mogul sells Fisher Island condo to White & Case lawyer

Insurance mogul sells Fisher Island condo to White & Case lawyer
Oceanside Fisher Island penthouse with Aria Mehrabi (Realtor) 

Developer Aria Mehrabi sells Fisher Island penthouse to Mexican banker

Developer Aria Mehrabi sells Fisher Island penthouse to Mexican banker
Joe Dimartini, Jill Eber, Cyril Matz, Oliver Lloyd, and Ben Lambert, with the Oceanside unit

Eastdil founder Ben Lambert sells Fisher Island condo at a loss

Eastdil founder Ben Lambert sells Fisher Island condo at a loss
Map of priciest condo sales and Oceanside Fisher Island (Credit: Google Maps and Redfin)

Miami condo sales flatten at the end of June

Miami condo sales flatten at the end of June
Heinrich Von Hanau

Fisher Island developer scores approval for residential projects on exclusive island

Fisher Island developer scores approval for residential projects on exclusive island
11750 Turtle Beach Road, North Palm Beach (Realtor)

Billionaire businessman sells North Palm Beach mansion for $19M

Billionaire businessman sells North Palm Beach mansion for $19M
arrow_forward_ios

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

Loading...