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.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
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