Private equity honcho sells oceanfront Surfside condo at a loss

The co-managing partner of a private equity firm sold his oceanfront condo in The Four Seasons Residences at the Surf Club at a loss, for $12.4 million.

Records show Thompson Dean sold unit S-801 at 9001 Collins Avenue to the S-801 Surf Club Trust, with Gino Labruzzo acting as the trustee. The address listed for the trust ties to Kensico Capital Management. Labruzzo is the COO of Kensico, according to Bloomberg.

Dean is the co-managing partner and CEO of New York-based Avista Capital Partners. Founded in 2005, Avista Capital Partners focuses on investing in healthcare companies, according to its website.

Property records show Dean purchased the condo from the developer in 2017, the same year the building was completed, for $15.9 million.

The property hit the market six months after he purchased it, in June 2018, with an asking price of $21.5 million. After multiple price chops, it was most recently listed for $14.5 million in March.

The condo sale ranked as Miami-Dade County’s most expensive sale in mid-January, selling for about $2,015 per square foot.

Liz Hogan with Compass represented Dean, and Devin Kay of Douglas Elliman represented the buyer.

According to the listing, the 6,153-square-foot unit has four bedrooms, four-and-a-half bathrooms and two living rooms. The eighth-floor condo spans the entire south-facing side of the 12-story building.

In 2018, Dean and his wife, Caroline, paid $41.3 million for a lakefront estate in Palm Beach.

Surf Club Four Seasons features 150 units in two towers, as well as a 72-room Four Seasons hotel. In December, an entity linked to a New York-based apartment management firm bought a condo for $11.5 million.