Guggenheim CIO Pays $12.5 Million For Two Miami Penthouses, Forming City’s Largest Condo

A view inside considered one of Scott Minerd’s two new penthouses.
Invoice Hernandez and Bryan Sereny

In yet one more signal of the white-hot residential market in Florida, Guggenheim Companions chief funding officer Scott Minerd purchased a pair of penthouses in Miami for $12.5 million, sources aware of the transaction inform Forbes. The purchases comprise a whole ground of the 51-story Biscayne Seashore tower, in what seems to kind the most important penthouse in South Florida.

Mixed, the 2 items boast 22,547 sq. toes and have 11 bedrooms, two swimming swimming pools, 12 parking areas and greater than four,000 sq. toes of terraces. Each penthouses embody a wine room, sauna, library, and personal elevator entry. Biscayne Seashore, a 399-unit luxurious constructing, is situated about 20 minutes west of South Seashore. 
Invoice Hernandez and Bryan Sereny of Douglas Elliman, who represented the client and vendor, declined to remark. A consultant for Guggenheim Investments didn’t reply to a request for remark.  

Minerd is a founding managing associate at Guggenheim, an funding colossus with over $300 billion of belongings below administration that traces its roots to Meyer Guggenheim, the mining magnate who emigrated to the U.S. from Switzerland in 1847. Minerd joined Guggenheim in 1998—a yr earlier than it launched—in keeping with his LinkedIn web page, after stints at Credit score Suisse First Boston and Morgan Stanley’s European operation, and at present helps oversee funding technique. 
He follows some heavy hitters who’ve purchased into the Miami growth lately. Final week, the billionaire Larry Ellison acquired an $80 million megamansion in North Palm Seashore (although he reportedly plans to tear it down). In February, a associate at Tiger World Administration set a document for Palm Seashore, shelling out over $120 million for a beachfront property. Shutterstock founder Jon Oringer, Keith Rabois of Founders Fund and Playboy mansion proprietor Daren Metropoulos have additionally struck offers of late. To not point out Jared Kushner and Ivanka Trump, who purchased a $32.2 million lot on the “Billionaire’s Bunker,” Indian Creek, in December.

“Costs have simply gone larger than anybody ever may have imagined,” billionaire actual property investor Jeff Greene advised Forbes final week. Whereas flagging the probability of a correction as soon as vaccines proliferate and extra rich People head again to New York, Los Angeles and different main cities, he stated there’s nonetheless sturdy enchantment within the area’s luxurious market: “I am a long-term believer on this space.”

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