UPDATED, Jan. 21, 6:25 p.m.: Media giants Richard Bressler and Lisa Gersh spent $5.1 million on a Sunset Islands II home.
Records show Bressler and Gersh bought the home at 1425 West 25th Street in Miami Beach from Robb Michael LaKritz.
Bressler is president, COO and CFO of iHeartMedia, a San Antonio, Texas-based broadcast, podcast and streaming radio platform. He was named president in 2013. Gersh is the co-founder and former president and COO of New York-based Oxygen Media. She previously held CEO positions at goop and Alexander Wang. Gersh is currently a board member of Establishment Labs, Pershing Square Tontine Holdings and Hasbro, according to her LinkedIn profile.
LaKritz is a real estate investor and the founder and CEO of Washington, D.C.-based LaKritz Holdings. He formerly served as an advisor to the United States Deputy Treasury Secretary for three years under George W. Bush.
LaKritz bought the home in 2015 for $3.6 million, according to records.
The house was first listed for $4.5 million in 2018. Danny Hertzberg of the Jills Zeder Group at Coldwell Banker Realty represented the sellers, while his mother, Jill Hertzberg, of the same brokerage represented the buyers.
According to Danny Hertzberg, the 4,902-square-foot house was rented by Bressler and Gersh for $25,000 a month. The two originally agreed to lease the home for two years in April, but decided to buy the home less than halfway through their term.
Built in 1985, the non-waterfront, four-bedroom, four-and-a-half bathroom house has a pool.
On Sunset Island IV, Douglas Elliman brokers Oren and Tal Alexander paid $10 million for a waterfront teardown with plans to build a new home.