Setting the bar: Luxury car dealer pays record price for Pinecrest home

It sold for 50% more than the sellers paid less than two years ago

Miami /
May.May 11, 2021 04:30 PM
Thomas Moorehead and Mario Longhi with the Pinecrest home (Getty, David Hernandez/ Rews Miami for ONE Sotheby’s)

Thomas Moorehead and Mario Longhi with the Pinecrest home (Getty, David Hernandez/ Rews Miami for ONE Sotheby’s)

A saga that is becoming common in South Florida: The sellers of a non-waterfront home in Pinecrest opted to list the property when the market for luxury single-family homes blew up — and scored a record with the sale.

The sellers received two offers, and had four showings on the day it went into contract, listing agent Elena Bluntzer said. The house at 9121 Southwest 62nd Court ended up selling for $9.8 million, a record in Pinecrest. It surpassed the 2017 record of $7.4 million for a non-waterfront home purchased by former Miami Heat player Dion Waiters.

The price per foot – $985 – also marks a record for the city.

“There was no negotiation,” said Bluntzer of One Sotheby’s International Realty. “The offer came in for full price.”

Property records show the sellers are retired steel executive Mario Longhi and his wife, Maria Helena Longhi. The buyer is Thomas Moorehead, the first African-American Lamborghini, McLaren dealer and Rolls-Royce dealer, and a real estate developer, records show. Johnetta Shearer of Beachfront Realty brought the buyer.

The 1.1-acre Pinecrest estate has a main house, guest home, and separate gym/media room. The property features a 500-bottle wine cellar, an elevator, outdoor showers, pool, summer kitchen and a four-car garage. It was designed by architect Eduardo Calil, according to the listing.

It previously sold for $6.5 million in 2019. That means the house sold for about 50 percent more than the sellers paid less than two years ago.

Longhi was formerly CEO of Pittsburgh-based U.S. Steel, which was once the largest steel producer and largest corporation in the world. He led the company between 2013 and 2017. The Brazilian-American businessman was previously CEO of Gerdau Ameristeel Corporation, the largest producer of long steel in the Latin America.

Bluntzer said the deal has set the bar for the high-end market.

Records are being set throughout South Florida. Just last week, Miami Heat player Victor Oladipo paid $7.8 million for a Hibiscus Island home, marking the highest price for a non-waterfront house in Miami Beach.






    Related Articles

    arrow_forward_ios
    Nathan Leight and the Coconut Grove estate (One Sotheby's, Terrapin Partners)
    Private equity tycoon trades one Coconut Grove estate for another
    Private equity tycoon trades one Coconut Grove estate for another
    Sandra and the late Sidney Levy (Sidney Family Productions, Compass / One Sotheby's International Realty)
    Real estate developer‘s widow sells oceanfront Golden Beach mansion for $22M
    Real estate developer‘s widow sells oceanfront Golden Beach mansion for $22M
    Pascal Nicolai and the oceanfront property (Douglas Elliman, Sabal Development)
    Spec home developer pays $10M for oceanfront lot
    Spec home developer pays $10M for oceanfront lot
    Dr. Ernst A. Langner and Nataly Langner with their Palm Beach estate (Compass, Dr. E.A. Langner-Foundation)
    German entrepreneur sells oceanfront Palm Beach estate for $110M
    German entrepreneur sells oceanfront Palm Beach estate for $110M
    Edgar Bronfman Jr. and his Palm Beach home (Getty, 200 Regents / Sotheby's)
    Liquor dynasty scion Edgar Bronfman Jr. buys Palm Beach home for $12M
    Liquor dynasty scion Edgar Bronfman Jr. buys Palm Beach home for $12M
     Adam Neumann (Getty, Bal Harbour Florida)
    Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
    Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
    Charlene and the late Ron Esserman with an aerial of the Coconut Grove home (Google Maps, the Miami Foundation)
    Charlene Esserman sells waterfront Coconut Grove home for $15M
    Charlene Esserman sells waterfront Coconut Grove home for $15M
    4412 North Bay Road
    North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
    North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
    arrow_forward_ios

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

    Loading...