Beauty founder Frank Toskan sold two adjacent waterfront homes in Miami Beach for a combined $31.9 million.
Records show Toskan sold the houses at 1833 and 1839 West 24th Street to 3339 Sunset LLC, a Florida entity registered to the Eighteen Sunset building at 1759 Purdy Avenue in Miami Beach, where Ares Management has opened an office.
Annie De La Rosa with Douglas Elliman had the listing.
Toskan co-founded the beauty brand Mac Cosmetics with Frank Angelo in 1984, and the two are largely credited with revolutionizing the industry and pioneering brightly pigmented cosmetics. Estée Lauder acquired the company in the 1990s.
Toskan bought the two homes on Sunset Island III for $20.3 million in a pair of deals in 2021, according to property records. They span 0.6 acres combined.
The assemblage includes one 6,700-square-foot home with three bedrooms and five bathrooms that sold for $14.3 million, and one 4,200-square-foot home with five bedrooms and five bathrooms that sold for $17.7 million, property records show. The houses also each have a pool and a dock.
They were on the market for a combined $36.6 million, Zillow shows.
The deal marks the latest sale in Miami Beach’s Sunset Islands. Earlier this month, restaurateur Barton G. Weiss, also known as Barton G., sold his waterfront mansion for $29.3 million. Architect Chad Oppenheim’s mansion asking $27 million went pending in November. In October, investor Edmond Harbour bought his neighbor’s teardown for $34 million. It brought his total spend on the islands to $60.5 million.
South Florida’s ultra-luxury market is driven by a handful of cash‑funded transactions.
Miami-Dade single-family home sales above $30 million rose 58 percent last year, and condo sales above $20 million increased 37.5 percent. That represents a sliver of the greater market, with 19 single-family home sales and 11 condo sales in that price point.