Paul Cejas sells Star Island mansion to private equity investor for $20M

It was on the market for nearly $25M

Miami /
Sep.September 11, 2020 03:00 PM
 29 Star Island Drive, Paul Cejas and Loren Schlachet (Credit: Tamargo/Getty Images, and Google Maps)

29 Star Island Drive, Paul Cejas and Loren Schlachet (Credit: Tamargo/Getty Images, and Google Maps)

Former U.S. ambassador Paul Cejas sold his waterfront Star Island mansion to a private equity investor for $20.1 million.

Cejas, chairman and CEO of PLC Investments and former ambassador to Belgium under President Bill Clinton, sold the property at 29 Star Island Drive in Miami Beach to Loren Schlachet, property records show. Cejas also owns a unit at Faena House in Miami Beach.

Schlachet is managing partner of the Riverside Company, a New York-based investment firm, and he co-founded and leads the Riverside Micro-Cap Fund. He previously worked at Claremont Capital Corp. and TCW Capital, according to his bio.

The six-bedroom, 9,935-square-foot Star Island estate was on the market for $24.9 million with Jill Hertzberg of the Jills Zeder Team at Coldwell Banker. Hertzberg represented the buyer and seller, according to Realtor.com.

The property features domed detailed ceilings with skylights and arched windows and doors, a chef’s kitchen, master suite with a rooftop terrace, gardens, summer kitchen, dock and pool, the listing shows.

Cejas paid $14.3 million for the mansion in 2012, records show. It was built in 2000 on a 40,000-square-foot lot. Cejas purchased it from shoe designer Donald J. Pliner and his wife, Lisa.

A number of sales have closed on Star Island in recent months. Billionaire hedge fund manager Ken Griffin paid $37 million for a double-lot at 11 and 12 Star Island Drive. Jennifer Lopez and Alex Rodriguez spent $32.5 million to acquire the mansion at 13 Star Island Drive.

Some deals are still in the works. The waterfront property at 46 Star Island Drive, which is asking nearly $40 million with listing broker Dora Puig, is under contract, according to Realtor.com.





    Related Articles

    arrow_forward_ios
    (Photo Illustration by The Real Deal with Getty Images)
    Want more South Florida land? Buy out your neighbors
    Want more South Florida land? Buy out your neighbors
    Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
    Iconic NYC eatery Rao’s to open at Loews Miami Beach
    Iconic NYC eatery Rao’s to open at Loews Miami Beach
    17141 Collins Ave, Sunny Isle
    Muse Residences in Sunny Isles Beach tops weekly condo sales
    Muse Residences in Sunny Isles Beach tops weekly condo sales
    A photo illustration of 12203 Tillinghast Circle in Palm Beach Gardens (top) and 6300 North Bay Road in Miami Beach (Getty Images, Old Palm Golf Club, Coldwell Banker)
    Flipping crazy: South Florida’s top resi flips of the year so far, ranked
    Flipping crazy: South Florida’s top resi flips of the year so far, ranked
    Don Peebles, in partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, wants to build a six-story office and apartment building on a city-owned parking lot (Rendering courtesy of 1664 Meridian Ave General Partner LLC)
    Miami vs NYC: A developer’s guide
    Miami vs NYC: A developer’s guide
    From left: Monroe Capital’s Theodore Koenig, Steve Witkoff, HFZ's Ziel Feldman and Benny Shabtai with the Shore Club (Monroe, Witkoff, HFZ, Getty)
    Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
    Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
    Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
    Privé in Aventura closing tops Miami-Dade’s weekly condo sales
    Privé in Aventura closing tops Miami-Dade’s weekly condo sales
    Carillon Miami Wellness Resort at 6801 Collins Avenue in Miami Beach (Google Maps, Getty)
    Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment
    Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment
    arrow_forward_ios

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

    Loading...