Simkins brothers sell Fisher Island penthouse for $9M

Unit sold for $1,459 psf

Miami /
Feb.February 24, 2021 10:30 AM
Ron and Michael Simkins with 7972 Fisher Island Drive, Fisher Island (Innovate, Douglas Elliman)

Ron and Michael Simkins with 7972 Fisher Island Drive, Fisher Island (Innovate, Douglas Elliman)

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

Cyril Matz

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.






    Related Articles

    arrow_forward_ios
    Palazzo Della Luna and 6800 Fisher Island Dr
    $24M closing on Fisher Island tops Miami-Dade weekly condo sales
    $24M closing on Fisher Island tops Miami-Dade weekly condo sales
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    A unit in Continuum South Beach was the top sale last week (Luxhunters for ONE Sotheby’s International Realty)
    Tech entrepreneur’s purchase of Continuum unit leads Miami-Dade weekly condo sales
    Tech entrepreneur’s purchase of Continuum unit leads Miami-Dade weekly condo sales
    Palazzo Della Luna was the most expensive sale (Palazzo Della Luna)
    Closing at Palazzo Della Luna tops Miami’s weekly condo sales
    Closing at Palazzo Della Luna tops Miami’s weekly condo sales
    Avra Jain closes on Hialeah industrial property for entertainment project
    Avra Jain closes on Hialeah industrial property for entertainment project
    Avra Jain closes on Hialeah industrial property for entertainment project
    Janice Wackenhut and the Fisher Island property (Facebook via Wackenhut, Pablo Alfaro Group)
    Safe investment? Wackenhut heir flips Fisher Island penthouse for $21M
    Safe investment? Wackenhut heir flips Fisher Island penthouse for $21M
    Palazzo Della Luna and the interior of the unit (Palazzo Della Luna, Fiorenza)
    Aviation parts prez picks up second Fisher Island condo
    Aviation parts prez picks up second Fisher Island condo
    (Palazzo Della Luna)
    Weekly condo sales rise in Miami-Dade, led by $12M Fisher Island closing
    Weekly condo sales rise in Miami-Dade, led by $12M Fisher Island closing
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...