Sugar mogul Jose Fanjul sells Faena House condo for $5M

It hit the market in 2018 for nearly $7M

Miami /
Sep.September 28, 2020 01:30 PM
Jose “Pepe” Fanjul and Faena House (Credit: PAUL PORTER/Patrick McMullan via Getty Images)

Jose “Pepe” Fanjul and Faena House (Credit: PAUL PORTER/Patrick McMullan via Getty Images)

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.

Florida Crystals has been active in South Florida real estate. In December, the company sold a 240-unit complex for $60.3 million and bought a 28.7-acre property in Miramar for $29 million.

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.





    Related Articles

    arrow_forward_ios
    Alex Rodriguez, Ken Griffin and the Star Island property at 14 Star Island Drive (Getty, Miami Dade)
    A-Rod buys Star Island waterfront property from Ken Griffin
    A-Rod buys Star Island waterfront property from Ken Griffin
    6345 Collins Avenue (Google Maps, Getty)
    Deauville owners offer $200M for historic Casablanca Miami Beach
    Deauville owners offer $200M for historic Casablanca Miami Beach
    One Thousand Museum (Google Maps, Getty)
    One Thousand Museum closing tops Miami-Dade’s weekly condo sales
    One Thousand Museum closing tops Miami-Dade’s weekly condo sales
    Jerry Robins (Legacy)
    Robins family patriarch Jerry Robins dies at 86
    Robins family patriarch Jerry Robins dies at 86
    Ronny Finvarb with rendering of plans for a new project in Sunset Harbour (Finvarb Group, Getty)
    Ronny Finvarb proposes new resi project in Sunset Harbour
    Ronny Finvarb proposes new resi project in Sunset Harbour
    Lennar Corp.’s Stuart Miller with a rendering of the property
    Stuart Miller plans yet another Star Island mega manse
    Stuart Miller plans yet another Star Island mega manse
    2201 Collins Avenue (Google Maps)
    Zaha Hadid’s former W South Beach condo sells — again
    Zaha Hadid’s former W South Beach condo sells — again
    Montford Group' Sunju Patel and Opterra Capital Glenn Alba with 2940 Collins Avenue (Montford Group, Getty)
    Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
    Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
    arrow_forward_ios

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

    Loading...