UPDATED, May 10, 12:20 p.m.: Tampa Bay Rays co-owner Randy Frankel more than doubled his money with the sale of his waterfront Miami Beach mansion.
Frankel and his wife, Barbara, sold their two-story, 8,500-square-foot home at 1635 West 22nd Street on the Sunset Islands for $31.5 million.
Ares Management co-founder and CEO Michael Arougheti bought the property, records show. Ares is an investor in David Beckham’s Inter Miami CF, the Major League Soccer team and the venture that plans to develop a major mixed-use soccer complex in Miami.
1635 West 22nd Street (Michael Ruiz with LPG)
Arougheti’s Vandelay Homes II LLC financed the purchase with a $21.1 million loan from J.P. Morgan, according to records.
Last year, Los Angeles-based Ares made a $150 million preferred equity investment in Inter Miami CF. The investment management firm has about $325 billion of assets under management, according to its website.
Randy Frankel, a former managing director at Goldman Sachs, and his Wall Street partners acquired the baseball team the Tampa Bay Rays in 2004. Frankel is also a real estate investor and owner of wineries and restaurants.
1635 West 22nd Street (Michael Ruiz with LPG)
The Frankels paid $14.4 million for the spec Miami Beach mansion in August 2020, and just sold it at a 120 percent markup. Recent buyers of multimillion-dollar homes in South Florida, including Miami Beach and Palm Beach, have been able to flip their properties for big profits due to heightened demand.
Todd Michael Glaser and Rony Seikaly developed the Sunset Island IV mansion and sold it to the Frankels. It was designed by Domo Architecture + Design and includes a guest house, cabana and pool. Miami-based House of One designed the interiors.
1635 West 22nd Street (Michael Ruiz with LPG)
Marko Gojanovic of One Sotheby’s International Realty represented the Frankels in the latest sale, and Reid Heidenry with the same firm represented Arougheti.
The Sunset Islands have emerged as a top neighborhood in Miami Beach, especially amid the pandemic.
A non-waterfront home on Sunset Island II recently traded for $12.5 million, setting a record for dry sales in all of Miami Beach. The house at 2535 Shelter Avenue also sold for more than double its previous purchase price in 2020.
Last month, Reed Smith attorney Constantine Karides paid $17.3 million for a waterfront home on Sunset Island I.
Also in April, investor and Anatomy Fitness owner Chris Paciello flipped a waterfront teardown on Sunset Island I for a 50 percent gain in one month. He bought the property for $9.3 million and sold it to the next door neighbor for $14 million.