Tech execs pay record $37M for Ritz-Carlton Sunny Isles Beach penthouse

Seller is a trust linked to billionaire Huizenga family

Kavitha Ramesh and Ramesh Raj of Cybermedia Technologies and 15701 Collins Avenue
Kavitha Ramesh and Ramesh Raj of Cybermedia Technologies and 15701 Collins Avenue (Cybermedia Technologies, Fortune/The Residences Sunny Isles Beach)

A pair of tech executives from Virginia dropped a record $37 million on a penthouse at Ritz-Carlton Residences, Sunny Isles Beach. 

Records link the off-market seller to the billionaire Huizenga family.

Kavitha Ramesh and Ramesh Raj bought penthouse 5101 at 15701 Collins Avenue from SKR Trust, with David Koster signing as trustee, according to property records. 

Ramesh and Raj are president and EVP, respectively, of Cybermedia Technologies, a Reston, Virginia-based government contractor specializing in digital and IT services. 

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The deed lists the seller’s address as a condo owned by HSH Willisle Marina Condo LLLP, a Florida entity managed by longtime Huizenga Holdings CFO Cris Branden. The late billionaire H. Wayne Huizenga founded AutoNation and Waste Management. His children include sons H. Wayne Huizenga, Jr. and H. Scott Huizenga. Huizenga Jr. is president of Huizenga Holdings. 

Records show SKR Trust bought the Ritz-Carlton penthouse for $21 million in 2020. The 7,100-square-foot unit has five bedrooms, seven bathrooms, and one half-bathroom, property records show.

The 52-story, 209-unit Ritz-Carlton Residences, Sunny Isles Beach was completed in February 2020. It was developed as a joint venture between Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group. The oceanfront building includes a spa, pool, and restaurant. 

The tower’s penthouses have garnered some of the top prices for condos in Sunny Isles. In 2021, a prison security mogul bought a 6,100-square-foot penthouse for $26 million. That same year, smart home honcho Marc Farbstein flipped his 5,800-square-foot penthouse for $31 million, four months after he bought it for $15.8 million, records show.