UPDATED, Dec. 9, 9:03 a.m.: Retired Yankees player turned real estate investor Alex Rodriguez flipped a home in Miami’s Bay Point neighborhood for $800,000 more than he paid less than a year ago.
Rodriguez, chairman and CEO of A-Rod Corp, sold the three-bedroom, three-and-a-half-bathroom house at 4425 Island Road to a group of investors who plan to redevelop the property, according to a spokesperson for one of the brokerages involved in the deal. It traded for $6.3 million.
A group led by Lang Baumgarten, Robert Wetenhall and Jeff Gavarkovs purchased the property, Baumgarten said.
Rodriguez’s sister, Arlene Susy Dunand of Coldwell Banker, was the listing agent. Julianna Castro of Compass, who was the listing agent for the previous owner, represented the buyer in the latest deal.
Rodriguez acquired the 3,107-square-foot house in March for $5.5 million via a Delaware entity named after the address, property records show. He sold it in nine months for 14.5 percent more than he paid.
The lakefront house was built in 1962 on a 0.4-acre lot with a pool.
Rodriguez lives near Coral Gables, and bought the property as an investment. Bay Point is among the Miami neighborhoods that has seen a surge in prices. Last month, a cannabis and crypto investor flipped his waterfront Bay Point mansion for $18 million — $1 million more than its purchase price six months earlier, which marked a record for the neighborhood. Other nearby deals include the $11 million sale of a waterfront home to singer Joe Jonas and “Game of Thrones” actress Sophie Turner in September.
Rodriguez had been involved in yearslong litigation with his ex-brother-in-law, Constantine Scurtis, over their real estate investments. Last month, they settled their remaining claims, avoiding a trial that was set to begin the next Monday. The settlement followed a judge striking Scurtis’ racketeering and theft counts against Rodriguez earlier that month, and the same judge’s dismissal in September of 13 lawsuits Scurtis had filed against Rodriguez.