A company tied to Michelle Simkins flipped a waterfront Allison Island home in Miami Beach for $9.1 million, about $4 million more than it last sold for in March.
Property records show 6525 Allison LLC, led by Simkins and Matthew Sidman of investment firm Three Bays Capital, sold the five-bedroom, five-bathroom house at 6525 Allison Road to a trust managed by City National Bank.
Simkins is the daughter of the late Leon Simkins, CEO of Simkins Industries, a paper products company that was based in Miami Beach. She is married to Rubell Hotels’ Jason Rubell.
The 3,558-square-foot Allison Island home last sold in early March for $5.1 million. It hit the market the following month for just under $9 million. Weeks later the price was increased to $9.3 million.
Nancy Batchelor and Simone Weissman Stein of Berkshire Hathaway HomeServices EWM Realty represented the seller. Ryan Mendell of Maxwell E Realty represented the buyer, according to Realtor.com.
Price hikes and flips have become more common in South Florida due to low inventory of high-end homes. In August, an oceanfront Golden Beach home sold for its full asking price of $8.2 million, nearly 45 percent more than its previous sale in late December.
Attorney Jonathan Beloff and his wife, Marisue, sold the Allison Island house in March. The Beloffs had owned the Mediterranean-style home since 1985.
The house, built in 1937, sits on a 0.4-acre lot with 75 feet of waterfront and a private dock.
In July, the family that founded and sold Swiss Watch International purchased a waterfront mansion on Allison Island for $14.5 million.