Private equity head buys Michael Caine’s former South Beach condo

UPDATED, March 26, 10 a.m.: The head of a New York-based private equity firm paid $11.5 million for the former Miami Beach condo of actor Michael Caine.

Property records show Apogee 701 LLC sold unit 701 at 800 South Pointe Drive to Ronald Dickerman and Wendy Wilshin. Dickerman is founder and president of Madison International Realty.

Attorney Leonardo Heidner signed on behalf of the seller. The buyers financed their purchase with a $7.4 million mortgage from JPMorgan Chase.

Dickerman founded Madison International Realty in 2002. The firm has raised more than $7 billion in capital to invest in the U.S. as well as Europe, according to its website. Wilshin is the owner of interior design company WLW Designs Inc.

Apogee 701 LLC bought the 3,731-square-foot unit for $7.5 million in 2017, or close to $2,010 per square foot, from actor Michael Caine. It just sold for $3,069 per square foot.

The four-bedroom, three-and-a-half-bathroom unit hit the market in June for $13.5 million, according to Compass. The most recent asking price was $12.9 million in December.

Luciana Barreto of Compass and Cristiana Machado of Cervera Real Estate represented the seller, while Timothy Allen Jr. with Blackstone International Realty represented the buyers.

Apogee, a 22-story, 68-unit luxury condo building, was built by the Related Group in 2007.

Recent deals in the building include the former president of Hyatt Hotels Corp.’s sale of a unit for $7.5 million and a former hedge fund manager’s $12.2 million purchase.