The Weekly Dirt: A shocking end to developer Sergio Pino’s legacy

Developer Sergio Pino ended his life as the FBI was planning to arrest him for allegedly ordering the failed murder (not once, but twice) of his estranged wife.

His death leaves his widow, Tatiana Pino the sole owner of Century Homebuilders Group, the largest Hispanic-owned homebuilder in the country that has completed more than 16,000 homes since its inception. 

Pino died by suicide Tuesday morning as an FBI SWAT team sought to arrest him. At a press conference the following day, the U.S. Attorney and the FBI said that Pino knew he was being investigated for previously ordering a hit on his wife and went ahead and tried again with a new group of hitmen last month. 

Pino hired a convicted felon to form the second hit team in late June, according to the Feds. He would pay $150,000 in the first disbursement, and another $150,000 if the murder did not tie back to him. And Tatiana would have to die before the hitmen would receive the next payment, the FBI said.

The allegations, which began with his wife accusing him of poisoning her, sent shockwaves through the real estate and business communities in South Florida. Pino was an influential figure and prominent Republican donor for years. His death could result in a messy fight over the couple’s fortune, which was already at the center of their two-year-long divorce. 

One day after Pino died, his brother Carlos Pino, who leads Century Wholesale, filed probate as the executor of Sergio’s will. Sergio had four adult children, according to the filings. 

Sergio and Tatiana’s fortune was estimated to be as large as $360 million, according to the divorce records. Sergio offered her $20 million — about 5 percent — to settle, which she refused, according to a criminal complaint against one of the alleged hitmen. 

Tatiana will assume the role as sole surviving member of Century Homebuilders, and the day-to-day operations of the business will remain the same, according to Pedro Hernandez, its vice president and COO. 

The firm has a lot on its plate, with about two dozen active communities in Homestead, unincorporated Miami-Dade County, Cutler Bay, Palmetto Bay and Florida City, and at least four communities in the planning stage. 

How the death of its founder will affect new business, if it will, has yet to be seen. 

What we’re thinking about: I’m thinking about rising condo and homeowners dues and insurance premiums. Do you have a story to share? Send me a note at kk@therealdeal.com. 

CLOSING TIME 

Residential: The spec mansion at 584 Island Drive in Palm Beach sold for $28.9 million. Shamrock Island LLC sold the nearly 7,900-square-foot home, which sits on a 0.4-acre lot, to a hidden buyer. 

Commercial: Nuveen Real Estate sold the 197-unit apartment complex at 601 Northwest 82nd Avenue in Plantation for $49.4 million, less than it paid a decade ago for the property. Clarion Partners bought The Manor in Plantation for about $250,500 per unit. 

NEW TO THE MARKET 

More than an acre of waterfront land on Fisher Island hit the market for $42.5 million. A company tied to Coastal Construction owns the 1.1-acre undeveloped site at 6901 Valencia Drive in Miami Beach. Kathleen Shadley with Bespoke Real Estate Florida has the listing for the property, which is between single-family homes and Bayview, a condo complex. 

A thing we’ve learned 

The largemouth bass, Florida’s most popular freshwater game fish, will now be known as the Florida bass. The name change stems from a Yale University study that determined, using genetics, that the Florida bass is its own species. 

Elsewhere in Florida 

• University of Florida President Ben Sasse said he is resigning after less than two years in office, effective July 31, the Independent Florida Alligator reports. The former Nebraska Republican senator cited his wife’s recent epilepsy diagnosis. 
• A plume of Saharan dust hit South Florida, resulting in drier conditions and less rain. A second wave is expected mid-week, and could affect those with allergies and respiratory issues, according to the Miami Herald.
• The Treasury Department said “anti-woke” state laws restricting banks from considering ESG (environmental, social and governance) factors could undermine the work of federal agencies trying to address money laundering and terrorism financing, AP reports. A letter sent to lawmakers singles out Gov. Ron DeSantis’ new law, which says that it is an “unsafe and unsound practice” for banks to consider non-financial factors when doing business.