Published On: Fri, Jul 25th, 2014

Steel Magnate Leroy Schecter Sells Miami Beach Mansion for $28 million

Leroy Schecter mansion

New Jersey steel manufacturing mogul Leroy Schecter sold his Miami Beach Mansion, which was owned in the past by Beyonce, Jay-Z and Julio Iglesias, for $28 million, to Indian Creek #1 LLC.

Indian Creek is a wealthy village in Florida’s Miami-Dade County with fewer than 90 residents. They paid 20% less than the asking price of $35 million.

Back in 2008, the same property was allegedly listed at as much as $45 million.

Leroy Schecter mansion 2

The realty agent said Mr. Schecter sold the estate because he simply was not using it any more. He also said that the deal was quickly sealed once the asking price was dropped to $35 million. He paid $18.7 million for the estate.

Owned by Mr. Schecter since 2006 and located in a gated community at 12 Indian Creek Drive in Indian Creek Island, near Miami Beach, the French style home was built in 2000. It has seven bedrooms and twelve bathrooms. The house holds 16, 474 square feet on an 80, 000 square foot lot and comes with 200 feet of waterfront with a wide view of Biscayne Bay. Outside there is a cabana house with two full bathrooms, an infinity pool. Inside there is a theater, a library, a gym and a billiard room.

There’s a seven car garage.

In 2011, Mr. Schecter also sold a vacant lot he owned on the island, for $15 million. He is currently trying to sell his 35th floor condominium on Manhattan’s Central Park West, for $95 million.

Schecter, 85, plans to donate 90% of his fortune to charity after he dies.

Leroy Schecter mansion 3

Leroy Schecter was born in Brownsville, Brooklyn, in 1927 was a prominent figure in the steel industry for more than sixty years, owning companies such as American Strip Steel and Marino Ware Industries. Schecter developed his companies into one of the largest manufacturers of steel building products in the United States. His business philosophy focused on serving the needs of his customer, which was the reason he also founded a trucking company, Norbet Trucking.

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