Sugar and real estate magnate Jose “Pepe” Fanjul sold his Faena House condo for $5.2 million – the same price he paid in 2015.
SOBE 8-C, LLC, managed by Fanjul, sold the Miami Beach condo at 3315 Collins Avenue to Andrew S. Brooks, property records show.
Fanjul paid the same amount for the 2,238-square-foot unit five years ago when the building was completed.
Lourdes Gutierrez of Compass represented Fanjul and Mick Duchon and Eloy Carmenate of Douglas Elliman represented Brooks. The condo was listed for $6.8 million in 2018. The price was reduced twice, down to $5.8 million in May.
The two-bedroom, two-and-a-half bathroom condo features 1,190 square feet of outdoor space and views of the ocean and the city, according to the listing.
Fanjul and his brothers are the owners and operators of the sugar and real estate company Fanjul Corp. Its subsidies include Florida Crystals and Domino Sugar. Fanjul is vice chairman, president and COO of Fanjul Corp.
Faena House, a 44-unit, 17-story building that was developed by Alan Faena and backed by billionaire Len Blavatnik, is at the center of a lawsuit filed by the condo association. The association is suing the developer, general contractor and subcontractors for a list of alleged construction defects at the 17-story building, including a broken elevator in the penthouse, missing art, cracking in the concrete and chalky paint.
In 2015, Ken Griffin, a billionaire hedge fund manager, paid the highest price for his units, two penthouses, for a combined $60 million that year.