September 5, 2012
After purchasing the luxury waterfront mansion they put $11 million of renovations into the home. The magnificent luxury oceanfront mansion located at 5800 North Bay Road, Miami Beach consists of 12,000 square feet of living space, seven bedrooms, nine and half baths and 1.21 acres of land. The exquisite Miami Beach estate features koi ponds, beautiful gardens and a large pool.
In 2010, they put the house back on the market hoping to get $28 million. It didn’t sell. The luxury oceanfront market has improved quite a bit since then. Actually, there is a great shortage of luxury oceanfront properties.
Gainer has now put the luxury oceanfront estate on the market for $40 million hoping to ride the new luxury oceanfront real estate buying wave. It’s possible that they will get this price because of the lack of inventory on the luxury oceanfront market, and the pending sale prices of comparable homes in the area.
Full Story: Miami New Times
