Pablo Escobar’s former Miami Beach property sells for $11M

Sellers initially listed the property for $21M in 2015

Jarrett Posner, Pablo Escobar with 5860 North Bay Road (The Waterfront Team)
Jarrett Posner and Pablo Escobar with 5860 North Bay Road (Getty, The Waterfront Team)

The waterfront Miami Beach lot once home to Colombian drug lord Pablo Escobar in the 1980s now has a new owner.

Chicken Kitchen founder Christian de Berdouare and his wife, former local news anchor Jennifer Valoppi, sold the 30,000-square-foot property at 5860 North Bay Road to developer Jarrett Posner, founder and chairman of New York City-based BMC Investments, for $10.95 million.

Albert Justo

Albert Justo

Mirce Curkoski

Mirce Curkoski

Mirce Curkoski and Albert Justo of One Sotheby’s International Realty represented the sellers, while Brett Harris of Douglas Elliman brought the buyer.

The buyer plans to build a new mansion on the property to live in, Harris said. Todd Michael Glaser is the owner’s representative and Domo Architecture + Design is designing the house.

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Harris called it a “special property for a special family,” and one of the best remaining lots on North Bay Road with views of downtown Miami.

Posner is a grandson of the late real estate mogul and former corporate raider Victor Posner. Jarrett’s brother is Miami Beach investor and Grafton Street Capital co-founder Sean Posner.

Brett Harris

Brett Harris

De Berdouare and Valoppi demolished the house in 2016 with plans to build a spec home on the property. The couple paid $9.65 million for the home in May 2014. At one point, they listed the property for sale for $21 million, later dropping the price.

Escobar, who was shot and killed in 1993 in Medellín, paid $760,000 for the North Bay Road home in 1980. It was seized by the government in the 1980s.

The high-end waterfront residential market in Miami Beach has been on fire over the past few months. Nearby on North Bay Road, the billionaire founder of Shutterstock paid a record $42 million for a waterfront mansion just north of Mount Sinai Medical Center.

Earlier this week, the CEO of AmeriSave Mortgage Corp. paid $8.2 million for a waterfront Miami Beach teardown at 6050 North Bay Road, next door to his mansion. And hospitality mogul David Grutman closed on Grammy-winning Spanish artist Alejandro Sanz’s house at 2050 North Bay Road, where he plans to build a new home.