Canada’s Elite Group Inc’s owner Danny Lavy has bought the South Beach gallery belonging to Romero Britto.
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The retail store front at 818 Lincoln Road in Miami Florida which houses the art gallery of Brazilian artist Romero Britto has been sold to Montreal based 818 Lincoln Investments for $34.5 million. The 8, 375 square foot building was last sold in 1993 for only $335, 000. The building dates back to 1935 and is located in one of Miami Florida’s trendiest neighborhoods, South Beach.
As part of the deal, 818 Lincoln Investments has received a $24.5 million mortgage on the property from its previous owner, 818 Lincoln Corp.
Elite Group Incorporated is a Canadian company which sells household products, such as wine coolers, air conditioners, ice makers, microwave ovens, refrigerators and much more. It is also licensed to sell the products of celebrity chef Gordon Ramsay. Elite Group is based officially in Ningbo China.
Canadian Jewish businessman Danny Lavy is Elite’s President and CEO. A few years ago he entered into a business partnership for a new restaurant with Gordon Ramsay. The deal ended with Ramsay suing Lavy in 2012 for breach of contract.
Lavy has been expanding his investments into real estate for some time now and is the manager of 818 Investments.
The Britto Gallery on Miami’s Lincoln Road has been a tourist site for years. Visitors to South Beach would come to see the store’s paintings and sculptures and leave with any one of its line of smaller collectibles ranging from children’s toys to T shirts.
But that part of Lincoln Road has recently been changing into an outdoor mall with big retailers such as H&M, The Gap and J. Crew moving in. So many believe that Romero Britto plans to move his gallery elsewhere, especially if the new owners raise the rents.
The 51 year old Brazilian pop artist and sculptor has lived in Miami for twenty five years. His works are on display world wide and he is best known for having designed the Absolut Vodka Logo.