The world's wealthy just keep parking cash in trophy real estate assets around the world as witnessed this past week on Miami's toney Fisher Island.
Heinrich von Hanau, CEO of PDS Development, just announced that Palazzo Del Sol, a new luxury penthouse under construction on Fisher Island just went under contract for $35 million to an undisclosed Russian buyer. The buyer is paying a record-setting $3,602 per square foot for the 9,715-square-foot center penthouse.
At $35 million, the transaction is nearly three times the highest sale price ever recorded on famed Fisher Island. The highest previous sale was to Canadian billionaire Lawrence Stroll, who purchased a 6,170-square-foot penthouse for $13.5 million last year, then completely renovated it. That residence, built in 1992, is well known for its previous owner, Oprah Winfrey.
The $35 million Palazzo Del Sol Penthouse 2, one of the boutique building's three penthouses, promises private elevator entry (2) into an open floorplan with a floor-through expanse of 18-foot floor-to-ceiling glass surrounded by unobstructed panoramic views of Biscayne Bay, the Miami skyline, South Beach and the Atlantic Ocean. The 7-bedroom, 7-and-a-half-bathroom residence includes a theater, exercise room, separate dining and family rooms, and bar and lounge in addition to four outdoor terraces totaling 8,595 square feet spread over two levels. Signature Boffi collection kitchen and baths come equipped with top-of-the-line appliances and fixtures from brands such as Gaggenau, SubZero, Dornbracht and Duravit, along with beautifully finished and stone surfaces including book-matched Italian-quarried statuary marble. Lualdi interior doors and hardware, Apure lighting systems by Porsche Design Studio, a Nest thermostat, a zero-edge swimming pool, summer kitchen and outdoor entertaining spaces designed by renowned Swiss landscape architect Enzo Enea, all lend to the penthouse's international cachet.
Built by ASR Construction, the highly anticipated Palazzo Del Sol is the first new construction on Fisher Island in more than seven years and is slated for completion in Q1, 2016. Its lush 4.5-acre Enea-designed grounds set on Government Cut -- where Biscayne Bay meets the Atlantic Ocean - will create a "velvet rope reserve" for the new and increasingly international wave of Fisher Island residents. Already, 47 percent of its 47 residences are under contract to buyers from New York, Spain, London, Mexico, Venezuela, Turkey, Brazil, Russia and elsewhere.
"With Palazzo Del Sol, Fisher Island is capturing the international spotlight and reasserting its position at the top of South Florida's trophy real estate market," said Dora Puig, who leads pre-construction sales for the luxury development, and is well-known for handling some of Miami's largest luxury penthouse and residential deals.
Fisher Island is experiencing a dramatic evolution following the recent $60 million renovation to its expansive facilities, including the oceanfront Beach Club, Vanderbilt Mansion (built in 1935), par-35 championship nine-hole P.B. Dye golf course, the acclaimed Spa Internazionale, two private deep water marinas and a state-of-the-art Tennis Center with 18 lighted courts including two grass, two hard and 14 Har-Tru clay courts.
Palazzo Del Sol's indoor spaces, designed by Alison Antrobus and Ruby Ramirez and built by ASR Interiors, reinterpret the established concept of a palazzo by combining traditional refinement with modern aesthetics. Geared toward clientele who are accustomed to luxury, amenities include a plush cinema-style theater, hair and makeup salon, state-of-the-art fitness center designed by The Wright Fit, a Kidville-designed children's playroom, private massage rooms, meeting room with integrated media sytems, and two lobbies complete with an aperitivo bar overlooking the water and professional fur storage.
The manicured island resort community off Miami Beach is a paradise for stars and athletes, entrepreneurs, CEOs and billionaires from more than 45 countries. Accessible only by yacht or a 7-minute ferry ride, Fisher Island's standards for privacy, exclusivity and amenities are rarely achieved elsewhere in the world. Per capita income ranks its 33109 zip code among the highest in the United States. Seasonal and permanent residents, made up of approximately 675 families, appreciate the unrivaled international lifestyle framed by white-sand beaches and turquoise waters.
"Palazzo Del Sol is taking Fisher Island from a celebrity hideaway into a family address with a full-time lifestyle that caters to a wide array nationalities," added Puig, whose team of in-house sales executives speaks seven languages.