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Madonna’s former waterfront Miami mansion sells at a loss 

House is next door to Ken Griffin’s estate

Madonna’s Ex-Miami Estate Next to Ken Griffin’s Sells
Vernal Point Advisors' Paul Morelli and 3029 Brickell Avenue (Vernal Point Advisors, LPG for The Assouline Team, Getty)

A hidden buyer with ties to Chicago picked up a waterfront Miami mansion next to billionaire hedge fund manager Ken Griffin’s estate. The Coconut Grove property once belonged to the Queen of Pop, Madonna. 

Property records show wealth manager Paul Morelli, trustee of Brickell Holdings Trust, sold the 8,400-square-foot, nine-bedroom mansion at 3029 Brickell Avenue to a company that is managed by the same Chicago-based professional services firm. Morelli, a managing partner at San Francisco-based Vernal Point Advisors, is also listed on the buyer’s LLC. 

The 1.2-acre property traded for $20.3 million, marking a loss compared to its previous $29 million sale price in late 2021. Madonna owned the estate from 1992 to 2000. It was built in 1928 and includes a dock and 100 feet of water frontage. 

The same hidden buyer owns the house immediately northeast of the property. The entity paid $48.5 million for the 1.5-acre parcel at 3007 Brickell Avenue in March, records show. Together, the adjacent properties total 2.7 acres. The owner could combine and redevelop the homes into a larger estate.

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Developer David Martin and his wife, Christina, own the house next door to 3007 Brickell Avenue. It is under construction. 

Griffin’s property, at 3115 Brickell Avenue, is on the opposite side of the mansion that just sold. Griffin paid nearly $107 million for Adrienne Arsht’s former 4-acre waterfront Miami estate a year ago. Months after purchasing the property, Griffin proposed moving one of the homes, which is historic, sparking criticism from preservationists. The Citadel founder and CEO recently moved Citadel and Citadel Securities’ headquarters to Miami from Chicago.

Sources say Griffin is not the buyer of the other adjacent homes. A spokesperson for Griffin did not immediately respond to a request for comment. 

Citadel plans a waterfront tower nearby at 1201 Brickell Bay Drive, which will serve as the company’s headquarters. 

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Brickell AvenueCelebrity Real EstateCoconut GroveFlipsHome SalesKen GriffinMiamiMiami-Dade County