Developer Philippe Harari sold his waterfront home in Coconut Grove over the summer for more than $80 million, sources told The Real Deal.
Harari, owner of the AquaBlue Group, transferred ownership of the nearly 11,000-square-foot home at 3575 Battersea Road to a Delaware LLC in March, which Harari controlled until July. The LLC is now managed by Michael Mustillo, who is founder and CEO of Select Family Office. The New York-based firm represents high net worth families.
A deed has not been recorded, but the LLC secured a $40.1 million mortgage from J.P. Morgan Chase in July. The mortgage carries an interest rate of 4.9 percent until 2031, records show. Sources, including top real estate agents, told TRD the sale was between $80 million and $100 million.
The Coconut Grove house, with eight bedrooms, eight bathrooms and one half-bath, sits on 0.9 acres. It was built in 2015. Records show Harari owns the quarter-acre lot next door through a separate LLC. He transferred ownership of the vacant lot to Hyacinth Holdings LLC, which he still appears to control, in March.
Harari, a luxury home developer, signed a contract in May to sell the two adjacent waterfront homes at 340 and 320 West Di Lido Drive in Miami Beach, which were asking $67 million with One Sotheby’s International Realty. That listing is no longer active.
Harari and Mustillo did not immediately respond to requests for comment.
The off-market trade is one of a handful of ultra high-end sales in the Grove over the past year, and reflective of the boom in that sector of the luxury market. While a number of buyers are in the market for waterfront homes on large lots, inventory is scarce.
Last year, billionaire businessman Jorge Mas sold a 7.3-acre property off of Douglas Road in Coconut Grove, next to the Kampong botanical garden, for more than $100 million in a trade that was not recorded, but was likely completed via a sale of the company that owns the real estate.
In the winter, Google co-founder Larry Page spent a combined $173 million on two waterfront estates in Coconut Grove. He also paid nearly $15 million to acquire a nonwaterfront house next door to one of the homes, in a trend recently dubbed “landmaxxing.”
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