Larry Gagosian, the art dealer, has sold the Faena House, Miami Beach penthouse for $12 million, a loss of nearly $1 million since he closed on the unit about a year ago, according to The Real Deal.
The owner of Gagosian Gallery, a chain of art galleries in the United States, London, Paris, Rome, Athens, Geneva and Hong Kong, sold the 4,730-square-foot penthouse C at 3315 Collins Avenue to Stella South Beach LLC. It sold for about $2,537 per square foot.
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Gagosian isn’t the first who fliped his unit at a loss during the market slowdown. Earlier this year, New York real estate developer Joseph Moinian bought billionaire Leon Black’s condo at Faena House for $12.5 million, a 24 percent discount from Black’s purchase price of $16.5 million.
Reported by Katherine Kallergis, The Real Deal