Lennar’s Eric Feder sells waterfront Island Estates home in Aventura for record $12M

Deal beats previous $8.8M record for neighborhood set in November

Lennar's Eric Feder with 4042 Island Estates Drive (The Carroll Group, Lennar)
Lennar's Eric Feder with 4042 Island Estates Drive (The Carroll Group, Lennar)

Lennar executive Eric Feder sold his waterfront home in Aventura’s Island Estates for $11.9 million, a record for the neighborhood and likely for all of Aventura.

Feder, president of Lenˣ, the company’s venture capital investing arm, sold his five-bedroom, six-bathroom house at 4042 Island Estates Drive to 40 40 Island Estates LLC, according to property records and a source. The buyer, who is linked to London-based businessman Daniel Shamoon, also owns the adjacent home.

Built in 2001, the three-story, 7,800-square-foot house sits on a 0.4-acre lot with 250 feet of water frontage, two docks and one boat lift. It includes a primary suite, summer kitchen, and a pool and spa, according to the listing.

Compass broker Chad Carroll, who declined to comment, represented the buyer and seller.

In 2020, the buyer paid $3.5 million for the adjacent waterfront property at 4040 Island Estates Drive. Shamoon signed a mortgage for the adjacent property that reveals his tie to the LLC. Shamoon and his sister, Jennica Shamoon Arazi, head London-based Bursha Holdings, a retail, commercial and residential real estate company, and they also invest in hotels, according to published reports.

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Feder and his wife, Elizabeth, paid $2 million for the property at 4042 Island Estates Drive in 2007. Prior to his role at Lennar/Lenˣ, Feder was vice chairman at Rialto Capital from 2008 to 2018, according to his bio. While at Lenˣ, the company has invested in startups such as Doma, Hippo Insurance, Opendoor and SmartRent.

The Feders’ Aventura sale surpasses the previous $8.8 million record set in November with the sale of the waterfront house at 3916 Island Estates Drive. David L. Clarke, a former PwC principal, and his wife, attorney Dara Clarke, sold that home last year. The couple was tied up in yearslong litigation with the developers of nearby Privé Island.

The Feders were also part of the group of nearby homeowners who opposed the development, court records show.

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In 2020, DJ Khaled sold his nearby waterfront home, at 3914 Island Estates Drive, for $4.8 million. The DJ and record producer, whose real name is Khaled Mohamed Khaled, now lives on Pine Tree Drive in Miami Beach.