Michelle Simkins, who is married to Rubell Hotels’ Jason Rubell, paid nearly $10 million for a waterfront Miami Beach home marketed as a teardown.
NBR7 LLC, led by Gustavo Baptista Paulus of Brazil, sold the six-bedroom, 7,765-square-foot house at 6300 North Bay Road to an LLC controlled by Simkins, according to property records. Simkins is the daughter of the late Leon Simkins, CEO of Simkins Industries, a paper products company that was based in Miami Beach.
Built in 1939, the house traded for $9.7 million, less than its previous sale of $10.3 million in 2016.
The Mediterranean-style house sits on a 25,215-square-foot lot and includes a pool and 103 feet of bay frontage.
Jill Hertzberg of The Jills Zeder Group at Coldwell Banker represented the seller, and Brett Harris of Douglas Elliman represented the buyer.
Simkins and Rubell live on Lakeview Court in Mid-Miami Beach, in a Todd Michael Glaser-developed home that was featured in Architectural Digest. Rubell is the son of mega art collectors Don and Mera Rubell.
Dozens of waterfront homes and lots along North Bay Road have sold in recent months, leaving a limited inventory of properties for sale.
Spec home developer Andian Group recently sold the waterfront mansion at 3080 North Bay Road for $23.7 million.
Billionaire hedge fund manager Dan Loeb recently picked up a spec mansion for $20 million and a teardown farther south on the pricey street for $12 million.
Last year, Softbank’s Marcelo Claure paid $11.1 million for a waterfront teardown at 5212 North Bay Road, and developer Jarrett Posner bought the waterfront lot at 5860 North Bay Road, once home to Colombian drug lord Pablo Escobar, for $11 million.