Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
Riley bought the unit for $8M in 2018, and sold it for $5,775 psf, possibly a record
UPDATED, May 24, 1:10 p.m.: NBA luminary Pat Riley scored $22.8 million when he and his wife, Christine, sold their Four Seasons Residences at The Surf Club condo in Surfside to a trust.
Property records show the Rileys sold unit S-507 at 9001 Collins Avenue to Richard N. Cohen, as trustee of the 9001 Collins Avenue Land Trust. Cohen registered with a New York City P.O. box.
Riley has long been an NBA icon and South Florida resident. In 1995, he became president and head coach of the Miami Heat. He remained head coach until 2003, and took the role again from 2005 to 2008. As head coach, he’s won five NBA championships, the latest in 2006 with the Miami Heat, according to published reports.
Riley and his wife are the original owners of the condo. They bought the 3,948-square-foot unit from the developer in 2018 for $8.1 million, records show. It comes with four bedrooms, five bathrooms and one-half bathroom.
The price for the recent deal breaks down to $5,775 per square foot, which may mark a record price per square foot in South Florida.
Bill Hernandez and Bryan Sereny of the Bill and Bryan Team at Douglas Elliman represented the buyer. Hernandez declined to comment.
Miami Heat-related sales have taken off in recent months. In April, former “Real Housewife of Miami,” Cristy Rice, who was married to three-time NBA All-Star Glen Rice, sold her non-waterfront Miami home for $5.1 million to an Elliman agent and her husband.
In March, the Miami Heat’s Jimmy Butler snagged a home near South Miami. An entity led by the five-time NBA All-Star paid $7.4 million for the property. And in December, former player Meyers Leonard sold his waterfront Bay Point home in Miami for $11 million.
Last year, “Wonder Woman” Lynda Carter paid $15 million for unit 903 at Four Seasons Residences at The Surf Club. Around the same time, Thalía and Tommy Mottola flipped unit S-307 for $10.4 million — $2.4 million more than they paid less than a year earlier.
Among other recent condo sales in Surfside, two units at Arte Surfside sold for a total of $23.4 million in February. The Sapir Corp. sold units 701 and 802 for $12.2 million and $11.2 million, respectively.