Music executive Austin Rosen dropped $12.5 million on the house next door to his waterfront Miami Beach home, The Real Deal has learned.
Rosen bought the house at 6417 Pine Tree Drive Circle from Barbara Kaufman, broker Jordan Karp of Jordan Karp LLC confirmed. Karp represented both the buyer and the seller in the off-market deal.
The 4,885-square-foot, five-bedroom, six-bathroom home was built in 1935 and includes a pool facing Allison Island.
Kaufman had paid $715,000 for the house in 1993, and she does not own any other properties in Miami-Dade County, property records show. It was an uphill battle convincing her to sell, according to Karp.
In March of last year, Rosen also paid $12.5 million for the 5,827-square-foot, six bedroom, five-bathroom house next door at 6401 Pine Tree Drive Circle, property records show. It was built in 1936. With his latest acquisition, Rosen will have 0.85 acres and 185 feet of water frontage on the two lots.
Rosen is the son of fashion honcho Andrew Rosen, the co-founder of Theory. Austin Rosen is the founder and CEO of Los Angeles-based Electric Feel, the management label of Post Malone, Iann Dior, and 24kGoldn. He bought a vacant building in Edgewater in October for $5.6 million, and Electric Feel’s website says a Miami studio is “coming soon.” Rosen declined to comment.
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According to Karp, Rosen plans to keep both houses on Pine Tree Drive Circle as-is, for the moment. Karp said the purchase follows a movement of wealthy buyers building compounds on the Venetian Islands, Sunset Islands, and near Pine Tree Drive.
“This is a trend,” Karp said, “The future play is to assemble the land and build something new in the future when the time is appropriate.”
In fact, Rosen is not alone in taking the compound approach to Miami Beach real estate. Last month, A24 film studio co-founder Matthew Bires bought two adjacent properties on nearby La Gorce island for $15.9 million. This month, Scott Huizenga, son of the late Blockbuster billionaire H. Wayne Huizenga, bought the house next door to his waterfront Pine Tree Drive property for $7.5 million.