Former Ford boss Jacques Nasser sold his condo at the Four Seasons Residences at the Surf Club for $18.5 million — $10.5 million more than his purchase price three years ago.
Nasser sold unit S-207 at 9001 Collins Avenue in Surfside to Michael Petillo, records show.
Ximena Penuela and Kimberlyn Montilva of Fort Realty represented the seller, and Dustin Nero of Douglas Elliman brought the buyer.
Petillo founded a namesake construction company in 1994. The Flanders, New Jersey-based firm focuses on specialty site development across the Northeast and Mid-Atlantic, according to its website. Sterling, a Houston-based construction firm, led by Joseph Cutillo, bought Petillo for $195 million last year, a press release shows.
Nasser, a Lebanese Australian American who speaks four languages, started his career at Ford Australia as a student intern. His executive career at the carmaker spanned decades, culminating in his brief run as president and CEO from 1999 to 2001. During his time at the helm, Nasser oversaw Ford’s acquisition of Volvo and LandRover, and Ford was the most profitable carmaker in America, according to published reports.
Nasser retired from Ford in 2001. He now sits on the board of Fox Corporation.
He bought the Surf Club condo for $8 million in 2020, records show. The 5,000-square-foot unit includes four bedrooms, five bathrooms, and one half-bathroom, according to property records.
Nasser listed the condo for $19.5 million in April, Redfin shows. The sale price equates to a $10.5 million — or 131 percent — boost in value in three years.
Developed by Nadim Ashi’s Fort Partners, Kobi Karp and Richard Meier collaborated on the design of the project, which includes two 12-story condo buildings and a 72-key hotel. The property has four pools, a gym, a garden, and four restaurants on the property, including one by star chef Thomas Keller.
Read more
Popular
South Florida
Longtime Ford Motor exec sells Venetian Islands estate for $18M
Residential
South Florida
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
The Surf Club first opened its doors in 1930 as a prestigious private club headed by tire magnate Harvey Firestone. In its first life, Frank Sinatra, Elizabeth Taylor and Winston Churchill visited the club.
When the doors reopened in 2017, Ashi claimed Fort Partners had already closed more than $1 billion in condo sales in the buildings. Its contemporary buyers and residents are stars and moguls of the modern day.
In May, longtime Bottega Veneta creative director Tomas Maier bought a condo in the Surf Club from architect Leo A. Daly III for $13 million. Sandeep Mathrani sold his Surf Club unit for $21 million and moved to Palm Beach in March, just two months before he announced the end of his tenure as CEO of WeWork. Last month, an entity linked to real estate agent Francesca Halpryn sold a Surf Club condo for $22.8 million.