Shareef Malnik sells Ocean Drive home to Meritage Group COO

Property has been on and off the market since 2010

Shareef Malnik and 222 Ocean Drive (Photos via Getty, Douglas Elliman)
Shareef Malnik and 222 Ocean Drive (Photos via Getty, Douglas Elliman)

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.

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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.