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Developer buys waterfront La Gorce Island teardown for $8M
Sellers paid less than $500K for the house in 1985
A member of the Jack Parker real estate family bought a waterfront Miami Beach teardown for $7.5 million.
Clara Homes LGI LLC, managed by James Curnin, bought the house at 66 La Gorce Circle from Robert and Lisa Frankel, according to records. Clara Homes took out a $13.5 million loan from Maxim Credit Group LLC.
Curnin, the great-grandson of developer Jack Parker, founded Miami-based Clara Homes in 2017. Clara Homes focuses on high-end homes, multifamily assets and workforce rental communities, according to its website.
Records show the Frankel family bought the home for $455,000 in 1985.
Mick Duchon and Eloy Carmenate of Douglas Elliman brokered the recent sale. The 3,148-square-foot house, built in 1951, has four bedrooms and three bathrooms. It sits on a 0.44-acre lot.
Lisa Frankel, originally from Boston, is the founder of Miami-based jewelry company Phillips House.
Curnin has developed spec homes in the past. In 2019, he paid $7.25 million for a waterfront property on Allison Island, with plans to build two spec homes.
In September, luxury homebuilder Bart Reines bought a waterfront home on La Gorce Island for $6.8 million, and in August, a La Gorce Island mansion once owned by Cher listed for $22 million.