Miami billionaire Mike Fernandez sells Grove at Grand Bay condo
He sold it for $2.2M more than his purchase price in 2017
UPDATED, Sept. 10, 11:08 a.m.: Miami billionaire Mike Fernandez sold a unit at Terra’s Grove at Grand Bay for $8 million.
The buyers are Laurans and Arlene Mendelson. Laurans is chairman and CEO of Heico, an aerospace and electronics company based in Hollywood.
Fernandez, a Coral Gables businessman who made his fortune in the healthcare industry, sold unit 1901 in the south tower of the luxury condo project at 2675 South Bayshore Drive in Miami, according to a press release. The sale marks the most expensive resale to date at Grove at Grand Bay. It sold for $1,284 per square foot.
Fernandez purchased the five-bedroom, 6,231-square-foot unit in October 2017 for nearly $5.8 million through Dinnerview 1901S LLC. That means he sold it for about $2.2 million more, excluding commission costs and other fees.
Allison Blumenthal of Brown Harris Stevens represented the buyer, and Gabriela Dajer of One Sotheby’s International Realty represented the seller.
Fernandez lives in a sprawling waterfront estate in the Gables Estates community of Coral Gables. His private equity firm, MBF Healthcare Group, is also based in the Gables.
His Grove at Grand Bay unit was previously rented out for $36,000 a month, according to the release. It has five bathrooms, two half-bathrooms, marble, porcelain and hardroom floors, and views of the city and of Biscayne Bay.
Fernandez had purchased the unit in 2017 from Dan and Jan Lewis. Dan Lewis is the son of Progressive Insurance Company co-founder Joseph M. Lewis.
Fernandez has bought and sold other units at Grove at Grand Bay, according to the release. At the nearby Park Grove development, built by Terra and the Related Group, he flipped a penthouse at Two Park Grove for nearly $6.6 million, or about $142,000 more than he paid.