Douglas Elliman chief Howard Lorber paid $12 million for a waterfront home in Miami Beach, less than a week after investors rejected his and other top executives’ compensation from 2019.
Lorber closed on the house on Tuesday. The previous week, a majority of investors at Elliman parent Vector Group rejected executives’ pay, including the $11.7 million that Lorber took home last year.
JP Investments I, a company managed by attorney Ronald Fieldstone and tied to Sonja Berchtold of Switzerland, sold the four-bedroom, five-bathroom house at 1525 North View Drive on Miami Beach’s Sunset Island I, property records show.
Lorber, who is Vector Group CEO and chairman of Elliman, flipped his 16th floor unit at The Bristol in West Palm Beach for $7.6 million in February, three months after closing on the condo for $6.87 million.
Lorber also owns a home on Fisher Island.
His 5,879-square-foot Miami Beach house is at the northernmost point of the Sunset Islands and has 165 feet of water frontage. The Palm Beach-style home sits on a 37,578-square-foot lot, and includes a waterfront gym with a spa room, two-car garage and three-car carport, boat dock, and freshwater lap pool.
Jill Hertzberg of the Jills Zeder Group at Coldwell Banker represented the buyer and seller. It was listed for $15.9 million.
The house was built in 1955 and last sold in 2008 for $6.25 million, according to property records.
The Sunset Islands have been heating up. Earlier this week, hospitality entrepreneur David Grutman listed his waterfront home on Sunset Island IV for $8.9 million.