The head of a residential mortgage lender paid $37.5 million for an oceanfront home and adjacent lot in Miami Beach’s Altos Del Mar neighborhood, marking a record for the gated community.
Victor Ciardelli, president and CEO of Chicago-based Guaranteed Rate, bought the six-bedroom, nearly 6,800-square-foot home at 7709 Atlantic Way for $25.5 million, and the lot next door for $12 million, according to a source. The Wall Street Journal first reported the sale.
The previous record for Altos Del Mar, $18 million, was set in April.
In the latest sale, the waterfront house sold for the asking price, which is becoming increasingly common in Miami Beach luxury real estate. Together, the lots total 32,000 square feet, or 0.7 acres.
Morgan Blittner with Brown Harris Stevens represented the buyer. Ruthie and Ethan Assouline of The Assouline Team at Compass represented the sellers, South African brothers Ivan and Moss Kadey.
Ruthie Assouline said the sellers were in contract with another buyer for the full asking price, but that buyer requested an extension that the sellers turned down.
“We knew that we had one of the most phenomenal products to come to Miami Beach, and we decided not to give any extensions, and we sold it again at full ask,” she said.
Altos Del Mar is a quiet neighborhood of beachfront homes in North Beach where a few properties have recently traded. The gated community is the only area in Miami Beach where homes front the beach.
In April, Daren Metropoulos, a son of Greek-American billionaire C. Dean Metropoulos, paid $18 million for a mansion on Atlantic Way. Earlier this year, Bal Harbour Shops owner Matthew Whitman Lazenby paid more than $17 million for the house next door to Metropoulos.
Ciardelli’s property features a top level master suite, rooftop deck, home theater, spa and steam room, sauna, gym, outdoor entertainment deck with pool, summer kitchen, cabana and garden.
Ivan Kadey, an architect and designer, and Moss Kadey, a businessman, completed the house in 2019. Haute & Boss, a project management and design-development firm in Miami, built it.
Records show Kadey Family Beach LP paid $3.9 million for the home’s 16,000-square-foot lot in 2013. Mario Quadros sold the adjacent 16,000-square-foot lot.