Brothers Michael and Ron Simkins of Innovate Development Group sold a Fisher Island penthouse for $9 million.
Lion Financial LLC, managed by the Simkins brothers, sold unit 7972 in Oceanside at Fisher Island to Heather D. Crosby and Christopher J. Crosby, according to records.
Michael Simkins is president and CEO of Innovate Development Group, a Miami Beach-based firm he co-founded with his brother, Ron, according to its website. Ron is the COO.
Court documents show the brothers’ Lion Financial LLC had filed a mortgage foreclosure action against the Fisher Island penthouse’s previous owner, Eric Fessler, in January 2018, and received title to the condo in November 2018. The property last traded for $3.8 million in 2003, records show.
In 2019, Ron Simkins remodeled the interior, and in January he waterproofed the condo, according to records.
Cyril Matz of Douglas Elliman listed the lower penthouse in December for $10.3 million. It sold for $1,459 per square foot. Denise Levine of Denise Levine Realty represented the buyers.
According to Realtor.com, the 6,170-square-foot condo has five bedrooms and five-and-a-half bathrooms. Built in 1989, the penthouse has a terrace that overlooks the ocean and comes with three parking spaces, according to the listing.
Earlier this year, owners of 52 units and lots on Fisher Island filed a lawsuit against the Fisher Island Community Association alleging unfair assessments.
Michael Simkins is currently leading the popular nightclub E11even Miami’s efforts to develop a branded condo and hotel development in Miami’s Park West.
In 2018, Ron Simkins purchased a Miami Beach home for $7.5 million.