Who Is Going To Buy Alan Potamkin’s Coral Gables Estate For $47.5 Million?

It’s the house that has everything for the person who has everything. Yes, Car King Alan Potamkin has relisted his sprawling Gables Estates waterfront mansion for a whopping $47.5 million.

Before you drop your jaw on the price tag, let it be known that this is actually a $20 million reduction from the $67 million they were seeking last year. After nobody raised their hand and said, “Me!” the price was slashed to $49 million for the house and half of the land.

The lot is actually two separate lots that are combined to make up a 3.6 acre estate with 937 feet of ocean frontage. Talk about a compound! They ended up at $39 million before regrouping and coming back to the market this week. Today’s asking price of $47.5 million includes the house and all of the land.

The house has over 20,000 square feet of interior living space with 9 bedrooms, 10 bathrooms and 5 powder rooms. There is also an 8 car garage, with enough driveway space for everyone except Gil Dezer. There are several kitchens as well, in case you want to switch things up from time to time. There’s enough space that you could essentially move your family to another area of the house and it would feel like an entirely new home, except you never left your house.

Some of the bells and whistles that come along with the estate are 2 built-in saltwater aquariums, an aviary, his and hers libraries, a billiard room, boxing room, gym, massage room, nanny’s quarters, nursery/play room, guest house and a property tax bill of almost $400,000.

Last year, Forbes made a slideshow of the estate’s pictures, seeming very impressed by the decorative ceilings. They forgot to mention the ceiling in the billiard room, which is hideous. A drop ceiling with florescent lighting has no place in a $47 million estate. Not even in the garage. Just, no. Take it down and make it stop. The drop ceiling looks like a suburban McMansion that is aspiring to be a notable piece of Miami real estate. In my opinion, the animal murals need to go too, but I guess we all have our own taste.

Outside, the lot has a resort-like feel with a pool and Jacuzzi overlooking the Atlantic Ocean, a private beach, fire pit, tennis court, a lagoon, and a boat dock. There are several patios and terraces on the house, perfect for luxurious soirees or a quiet evening with a candlelit dinner and a view.

I’m wondering who could be the next owner of the property. It is rumored that Lebron was considering it when he took his talents to South Beach, but he’s gone now. Wade is gone too and Bosh is hurt, so I doubt a Miami Heat player will step in. We already said that there’s not enough parking for Gil Dezer, so he’s out. It has been reported that Lil Wayne is looking to take his talents off of South Beach after being repeatedly swatted (when someone calls 911 on you and sends the entire police force to your house, only to find out you’re still in bed). Maybe a Miami season of the Bachelor? There are certainly enough bedrooms for the suitors & scene locations on the estate. Or maybe the person who invented The Bachelor. We’ll see. In the meantime, check out the pictures below.

Al Capone’s Miami Beach Compound Has Sold to European Soccer Agent Mino Riaola for $9M

Previous listing photo.

The Miami Beach compound mobster and Mr. #1 on the FBI’s Most Wanted List, Alphonse Capone lived, and died in, when not in Chicago, has sold to European soccer agent Mino Riaola for an estimated $9 million. The actual amount has apparently not been made public. The house is located at 93 Palm Avenue, on Miami Beach’s Palm Island. Although the Miami Herald broke the news, the story appears to have been taken down from the paper’s website, which is a little odd. Curbed Miami reblogged it in time, however.

The Palm Island waterfront home was saved from a desperate state and likely destruction and restored to something closer its original appearance by its former owner, who listed the restored house in 2012 for $10 million, had trouble selling it for years, took it off the market to use as some kind of event/film venue, and by now is probably glad to be rid of it. That’s pretty unfortunate because, even though it is kind of an odd house, with a scandalous reputation, it’s still fantastically historical, and still classy. I covered the house frequently while Curbed, so check out their archives. Hopefully Riaola will take care of the house as it deserves to be taken care of, and correct a few of  the mistakes in the renovation. As I noticed during a tour of the house a few years ago with my friend Dana Herndon, who wrote this excellent piece for Curbed on the house, although the renovation undoubtedly saved the house, it appeared at the time to have been done on the cheap.

Calvin Klein’s $16 Million North Bay Road House is Still on The Market

What’s going on Calvin? News broke over a year ago that fashion mogul Calvin Klein’s North Bay Road home in Miami Beach was hitting the market for $16 million because Mr. Klein was up and leaving Miami and going to L.A. That was May of 2015. Fast forward to now, over 400 days later, and the historic Mediterranean Revival house is still owned by Klein, still on the market, and still listed at $16 million. What gives?

Nicely Updated Deco Delight on Sunset Island III Wants $3.9 Million

This Art Deco hacienda on Sunset Island III is listed for $3.9 million, and pretty darn gorgeous. Originally designed by the noted deco architect Martin Hampton in 1939, the house maintains most of its deco integrity, including a fireplace, terrazzo floors, and seductive curves (although it has admittedly lost a few things over the years, like the bathrooms). Overall a good show.

Week in Review: How to Avoid the Federal Disclosure Law for Cash Purchases and Other News…

Rendering from Paramount Miami Worldcenter

Week of January 17-23, 2016.

The US Treasury announced this week that starting in March, title companies will be required to disclose the identities of buyers to government regulators for all cash purchases above $1 million in Miami’s residential real estate market. They are hoping to put a stop to illicit funds being laundered through the cash purchases, but effectively are also spooking legitimate buyers who simply do not wish to have their buying habits publicly disclosed.

Fear not, fancy condo shoppers. The ink is not even dry on the new order and The Real Deal has already compiled a list of 7 ways that the rule can be circumvented. [The Real Deal]

Last week, the developer of Miami Worldcenter announced that it is scrapping the plans for an enclosed mall just days after Macy’s announced multiple store closings due to slow sales. After this announcement Taubman and Forbes cancelled their contract with Worldcenter, causing a flurry of rumors and news stories stating that the project would be scrapped. It turns out that everyone jumped the gun. According to the developer and this Taubman release, the project is not scrapped. The contract just needs to be renegotiated to reflect the new building plans. [Zacks]

While everyone was up in arms about the potential drama at Miami Worldcenter, Brickell CityCentre released their updated list of all retailers, shops and restaurants that will be opening with the mall. The shops will begin individual build-out soon and is scheduled to open later in the year. [The Next Miami]

In possibly the least surprising news of the week, Car2Go finally announced that they are suspending service effective March 1. They say that the reason for the service-shuttering is low ridership and high state taxes, locals have not wasted time or minced words with their own theories. It seems they have been in trouble with their client base for some time due to poor handling of a PR incident involving a drunk driving accident, not offering service in many important areas of the community, poor customer service and unreliable service. We think it can be easily explained by simple economics… why pay more to drive yourself in a shared smart car with a complicated service when you can pay less and have an Uber car pick you up at your doorstep and drop you off wherever you want to go? The choice is simple. [Curbed]

Regalia Introduces a $45 Million Penthouse

“Life’s Magnum Opus” – That is the tagline for Regalia’s crown jewel, the 43rd floor penthouse. And what a jewel it is!

The penthouse spans the top two floors of the tower and also includes a 6,000+ square foot rooftop pool deck with a 360 degree terrace overlooking the Atlantic Ocean, Intracoastal Waterway, Golden Beach, Miami Beach and the Miami skyline. There are two other terraces, the 43rd floor has a 360 degree terrace and the 44th floor has one that spans 270 degrees. The rooftop pool deck also has a summer kitchen with retractable Louver shading, an indoor wet bar and a full bath.

Indoors, owners will find 6 bedrooms and 7.5 bathrooms spanning 10,000+ square feet. The three levels are tied together with a custom glass elevator and a floating grand staircase in the double height great room.

While visiting, guests can enjoy a dining room that seats 12, custom stone and glass wine cellar, a game room with designer billiards table, and a lounge theater and bar. The dining room and billiard table have custom pendant lighting fixtures. An art gallery mezzanine overlooks the double height great room.

For the owners, the grand master suite leaves nothing to be desired. A private spa holds a steam room, sauna and massage beds. The bedroom has a drop-down ceiling television and midnight bar, wine cooler, glass enclosures and secure safes. The grand master bath offers stone flooring and walls with glass enclosures, couples’ Jacuzzi tub with hydrotherapy and air treatment jets, and his and hers glass showers with rain heads, body jets and hand held fixtures. The dressing areas offer his and hers vanities with a separate make-up area for her and walk in closets.

Given that the name Regalia means, “the emblems or insignia of royalty, especially the crown, scepter, and other ornaments used at a coronation,” this residence is certainly fitting of the name. See below for additional photos and floor plans:

Regalia tower in Sunny Isles Beach

Level 1 Layout

Level 2 Layout

Level 3 Rooftop Pool Deck Layout

Fully Furnished 3 Bedroom Condo at Trump Palace in Sunny Isles Beach – $2.495M

Your paradise retreat awaits you. Wake up each morning to the sights and sounds of the beautiful Atlantic Ocean. A relaxing stroll down the white sand beaches is just an elevator ride away.

Welcome to Unit 3604 at Trump Palace – an impeccably designed, contemporary masterpiece with nearly $800,000 spent in renovations, furniture, and electronics. This flow-through residence includes 3 bedrooms, 3.5 baths with 2,167 interior square feet plus two spacious balconies and offers direct, breathtaking views of the Atlantic Ocean. Property features include: a private elevator and foyer; 10-foot ceilings with floor-to-ceiling glass windows; Sonos surround sound system; renovated kitchen with custom Italian cabinets and high-end appliances by Sub-Zero, Gaggenau, and Miele; custom half bath with stone tiled walls; and custom master bathroom with a white pedestal tub, glass-enclosed shower with rainfall shower and body jets, and side vanity for makeup and hair.

Venetian Islands Real Estate: November 2015 Market Report

Each week, Miami Beach Realtors host a progressive open house of listings in the area. This week’s focus was the Venetian Islands, with an impressive 23 properties on the tour! This is a great time for the Venetian Islands as the roads and infrastructure are in the last months of a $12.4 million restoration project. The Venetian Causeway is expected to reopen by the Spring of 2016, offering residents new roads as well as utilities. The construction project has not slowed the bustling real estate market in the neighborhood. Here are some highlights of the market as we draw an end to 2015:

There are currently 47 actively marketed homes for sale on the Venetian Islands in Miami and Miami Beach (comprised of Venetian Drive, San Marco Island, San Marino Island, Di Lido Island and Rivo Alto Island).

Highest Price Listing: 610 W Dilido Island
$15,500,000 for 5 bedrooms, 6 baths in a 5,210 square foot home on a waterfront lot.

Lowest Price Listing: 211 S Rivo Alto Drive
$1,595,000 for 4 bedrooms, 3 baths in a 2,194 square foot home on an interior lot.

Contracts Signed
There are 4 properties that are currently under contract, ranging in price from $5,900,000 down to $929,000.

Recent Closings
Over the last 3 months, we have seen 9 properties trade hands for $12,500,000 down to $1,525,000.  Waterfront properties averaged $1,450/square foot in price vs $811/square foot for interior lots.

Featured Property: 300 W Rivo Alto Drive
Of the actively marketed properties in the neighborhood, we made special note of the home at 300 W Rivo Alto Drive, offered at $12,750,000.

This Venetian Island home was built in 1938 on a waterfront lot, but recently remodeled beautifully. It offers 5 bedrooms, 5 1/2 baths and 90 feet of bayfront views with an infinity lounge pool and boat dock. There is an outdoor living room with summer kitchen, garden and even a koi pond with waterfall. The interior design is tasteful yet dramatic with zebrawood walls, calcutta gold marble, top of the line appliances and Crestron security system.

Here are some additional photos of 300 W Rivo Alto Drive:

And if that waterfront house doesn’t tickle your fancy, be sure to visit our real estate listings page for luxury houses for sale in Miami and Miami Beach.

Shane Battier Lists Coconut Grove Home for $1,895,000

Just weeks after winning his second NBA Championship, Miami Heat Forward Shane Battier has listed his Coconut Grove home for $1,895,000, according to hothothoops.com.  Battier purchased the five bedroom, Mediterranean-style home for $1.6M a little over a year ago in June 2012. The 4,300 square residence is situated on an 8,000 square foot lot and features a 2-car garage, covered patio with adjacent pool, formal dining room, gourmet kitchen with walk-in pantry, downstairs office and master bedroom with his and her walk-in closets.

Battier’s contract with the Miami Heat is set to expire at the end of next season but rumor has it that he is upgrading to a luxury home in Miami.