UPDATED, Oct. 27, 1:35 p.m.: Record industry executive Steve Stoute is among the investors who purchased a waterfront Miami Beach estate in September for $28.1 million, The Real Deal has learned.
Stoute and other investors are behind the trust that purchased the 10,459-square-foot mansion north of the La Gorce Country Club more than a month ago, according to sources. The founder and CEO of UnitedMasters, a music distribution company, and Translation, a marketing and advertising firm, Stoute relocated from New York with his wife, Lauren, records filed with Miami-Dade County indicate.
The couple signed a one-year leaseback for the property, according to a spokesperson.
The purchase came five months after UnitedMasters raised a $50 million Series B funding round led by Apple.
Andian Group, led by Andres Isaias and Alejandro Diaz-Bazan, sold the waterfront nine-bedroom mansion in Miami Beach. An affiliate of the company flipped it for nearly 50 percent more than the $19 million it paid for the house in May.
Diaz-Bazan represented the seller alongside Danny Hertzberg of the Jills Zeder Group at Coldwell Banker. Jill Hertzberg, of the same team, represented the buyer. Both Hertzbergs and Diaz-Bazan declined to comment.
Isaias, the seller, did not immediately respond to a request for comment.
The Mediterranean-style estate, built in 1937 and later expanded, now includes 11 bathrooms and two half bathrooms. Andian Group renovated the two smaller structures on the 1.1-acre lot, adding a movie theater, spa, hair salon and gym, Isaias previously said. The property also includes a 100-foot dock with a boat lift and jet ski lift, a four-car garage, two-car garage, koi pond, sculpture gardens and new landscaping.
Buyers from high-tax markets have continued to flock to waterfront properties in South Florida over the past year and a half, with many of those deals setting price records on both a total and per-square-foot basis.
In August, Russell Weiner, the billionaire founder of Rockstar Energy Drink, paid more than $35 million for two waterfront properties on Pine Tree Drive. Weiner also provided the loan to Andian Group when it acquired Stoute’s home in May, records show.