Shareef Malnik sells Ocean Drive home to Meritage Group COO
Property has been on and off the market since 2010
The Forge owner Shareef Malnik sold his single-family home on Ocean Drive in Miami Beach for $9.6 million.
Malnik sold the four-bedroom, four-and-a-half-bathroom house at 222 Ocean Drive to Mark and Jessica Mindich, according to property records.
Mark Mindich is chief operating officer of Meritage Group, a San Francisco-based investment adviser with about $11 billion assets under management, according to its website. Jessica Mindich is a former lawyer and the founder and CEO of the Caliber Collection, which transforms bullet casings into jewelry.
Malnik’s family is well-known in Miami Beach for its philanthropic work with the Make-A-Wish Foundation. Malnik’s father, Alvin, is a developer and former co-owner of Title Loans of America. This year, The Real Deal reported that Shareef Malnik inked a deal with hospitality mogul David Grutman to lease and rebrand The Forge restaurant in Miami Beach.
The Mindiches financed their acquisition with a $6.2 million loan from Citibank, records show.
Eloy Carmenate and Mick Duchon of the Corcoran Group represented the buyer and seller. The 7,056-square-foot house has been on and off the market since 2010, at one point asking nearly $15 million.
Malnik paid $1 million for the property in 1995, according to records.
The home was built in 1930 and reconstructed by Todd Michael Glaser, according to the listing. The three-story house on a 5,750-square-foot lot features a rooftop pool with an Ipe wood deck and outdoor kitchen, a wine room and smart home amenities.
An Ocean Drive property owned by Gloria and Emilio Estefan recently hit the market for $45 million.
Following huge crowds on Ocean Drive during Spring Break, the Miami Beach City Commission voted last week to roll back alcohol hours to 2 a.m. until early December in the mixed entertainment district, which is between Ocean Drive and Collins Avenue south of 16th Street.