Chilean casino magnate sells waterfront Bay Point teardown for $9M

A few short months after pulling out of a $120 million Las Vegas Strip deal, Chilean casino mogul Claudio Fischer sold a waterfront teardown in Miami’s Bay Point for $9 million.

Records show FK Lake Road LLC, a Florida entity managed by Fischer’s CB Investments SpA, sold the house at 770 Lake Road to Goldwing Financial LLC, a Florida corporation managed by Carlos Safie.

Julianna Castro of Compass had the listing, and Tomas Hoffman of eXp Realty brought the buyer. Castro declined to comment on the identities of the buyer and seller.

Safie is chairman and CEO of Executive National Bank, a regional bank headquartered in Miami, according to his LinkedIn. 

Fischer is the co-founder of Sun Dreams, the largest casino resort operator in Latin America, according to the Associated Press. Headquartered in Santiago, Chile, Sun Dreams owns 19 casinos across Chile, Peru, Panama, Colombia and Argentina. Fischer was set to buy 10 acres on the Las Vegas Strip for $120 million and develop a hotel-casino until he backed out of the deal in January, World Casino Directory reported. Rising mortgage rates played a part in killing the deal, according to the outlet. 

Records show Fischer bought the waterfront Lake Road house for $3.5 million in 2016. Built in 1951, the three-bedroom, two-bathroom house spans 2,000 square feet. The 0.3-acre property includes 98 feet of waterfront, Castro said. She confirmed the property sold with approved plans to demolish the existing home and build a 5,400-square-foot, six-bedroom, seven-and-a-half bathroom house. Cesar Molina of CMA Design Studio in Coral Gables designed the planned home.

The buyer is set to begin construction on the new house soon, Castro confirmed. 

The property is directly across the street from Morningside Park in Miami’s Bay Point neighborhood.

Across South Florida, the pandemic real estate boom thrust long-undiscovered neighborhoods into the luxury real estate limelight, Bay Point among them. “I have seen the transition from [Bay Point] being a more under-the-radar area, to now being one of the hot spots in town,” Castro said.

In February, concrete mogul Luis García sold his waterfront Bay Point mansion for $38.5 million, a record for the neighborhood. 

In 2021, celebrity couple Sophie Turner and Joe Jonas dropped $11 million on a waterfront mansion in Bay Point. Also that year, former Miami Heat player Meyers Leonard and his wife, Elle Leonard, sold their waterfront Bay Point home for $11 million.