After two years on the market, billionaire developer Jeffrey Soffer sold a unit at Turnberry Ocean Club in Sunny Isles Beach for $16 million.
Records show Soffer’s Beach Club Acquisition LLC sold unit 4803 at 18501 Collins Avenue to a Florida entity named for the address. The true buyer is hidden.
Diane Cohen with Skyline International Realty represented both the buyer and the seller in the deal.
Soffer, whose net worth is $1.2 billion, according to Forbes, is the son of Aventura developer Donald Soffer. He split from the family firm, Turnberry Associates — now called Turnberry — in 2019 to start his own firm.
Soffer’s Fontainebleau Development completed the 54-story, 154-unit Turnberry Ocean Club tower in 2020. The oceanfront complex includes 70,000 square feet of amenities, including a sky club, two swimming pools, dining, a fitness center, spa facilities and guest suites. Buyers in the tower also receive access to Fontainebleau Aviation in the Opa-Locka Executive Airport, according to its website. It has attracted well-heeled buyers since its completion. Last year, an entity linked to an Argentinian investor bought a triplex penthouse for $30 million.
Soffer listed unit 4803 in early 2022 asking $20 million, according to Realtor.com. The asking price increased to $22.5 million that year and was reduced to $20 million this past June before closing for $16 million. The 5,700-square-foot condo has four bedrooms, five bathrooms and one half-bathroom, according to property records. Miami-based Nick Luaces Design Associates handled interior design for the unit.
The deal comes as Soffer faces legal trouble in the tower: Turnberry Ocean Club’s condo association sued him, the contractor and subcontractor from the project late last year. The suit alleges design and construction deficiencies in individual units as well as in common areas like the pool deck, parking garage and elevators. The suit is ongoing, with the parties in mediation, court records show.
Since departing the family firm, Soffer’s other condo projects have included SeaGlass Jupiter Island, which he sold out for $168.8 million last year.