Another prominent Miamian is cashing out of the red hot North Bay Road submarket in Miami Beach.
Trial lawyer Stephen “Steve” Zack and his wife, Marguerite Zack, sold their homesteaded mansion at 5310 North Bay Road for $13.6 million, according to records. The sale price is $5.1 million more than the couple’s purchase price three years ago.
In July, the Zachs bought an eight-bedroom, nine-bathroom and two-half bathroom unit on the 54th floor of the Four Seasons condo-hotel at 1425 and 1435 Brickell Avenue for $8.1 million, records show.
The buyer of the 8,096-square-foot Miami Beach home is N Bay Rd Developments LLC, an entity managed by Miguel Yoma, Guillermo Osses and Francisco Perez of Ocala, records show. The entity took out a $6 million loan from Terrabank to finance the purchase.
Danny Hertzberg with The Jills Zeder Group represented the buyer in the off-market deal. In an email, Hertzberg said the buyer plans to renovate the property.
Zack, a partner with Boies Schiller Flexner LLP, was a lead attorney for former Vice-President Al Gore in the Florida 2000 recount litigation. During the Bush vs. Gore saga, Zack got an expert witness to admit that hanging chads on paper ballots could prevent an election machine from punching through the paper correctly, according to an online bio. Zack is also past president of the American Bar Association and former president of the Florida Bar.
A prominent Democrat, Zack was a senior advisor to the U.S. State Department and was nominated by President Barack Obama to serve as an Alternate U.S. Representative to the 68th Session of the General Assembly of the United Nations.
Zack and his wife paid $8.5 million for the six-bedroom, six-and-a-half bedroom home in 2018. The Georgian-style mansion features a 5,000-bottle wine room, home theater, pool and a Jacuzzi. It was completed in 1950 and has been renovated twice, according to records.
The property had been on and off the market starting in 2014 until it sold in 2018, originally listed for $21 million. According to Zillow, Redfin and Realtor.com, the home has not been listed for sale since 2018.
The couple is following the lead of other well-known North Bay Road residents who have recently flipped their waterfront properties at whopping prices. Earlier this month, Chicken Kitchen founder Christian de Berdouare and his wife, former TV journalist Jennifer Valoppi, sold their modern spec mansion at 5004 North Bay Road for $29.5 million.
And Abbey Berkowitz, a Miami Beach real estate investor whose family owned hotels on Collins Avenue, and his wife, Helene Berkowitz, sold their waterfront house at 4434 North Bay Road. The buyer, former J. Crew and Gap CEO Mickey Drexler, paid $16.5 million.
In July, Softbank CEO Marcelo Claure sold his waterfront mansion at 2060 North Bay Road to Apollo Global Management’s Josh Harris for $32.3 million.