French real estate investor sells Normandy Shores spec mansion

French real estate investor sells Normandy Shores spec mansion

Thursday, January 10, 2019

Philippe Ginestet and 1070 South Shore Drive (Credit: One Sotheby’s International Realty)

French real estate investor Philippe Ginestet just sold his waterfront spec mansion on Miami Beach’s South Shore Drive for a discounted $8.5 million.

Ginestet sold the 8,083-square-foot home at 1070 South Shore Drive to South Shore Drive Property Trust, records show. The buyer financed the deal with a $6.3 million mortgage from PNC Bank.

Ginestet, a commercial real estate investor who owns French retail chain GiFi, put the seven-bedroom, eight-bathroom house on the market in April for $12.6 million, which means it sold at a 33 percent discount off the ask.

Ginestet’s net worth is $2 billion, according to Forbes. His company, GiFi, sells households at low prices.

Florian Jouin of One Sotheby’s International Realty represented the seller, while Edgar Alba of Alba International Realty represented the buyer.

Jouin said that the property offered more value than nearby homes on North Bay Road, which are priced much higher. Prospective buyers came from France, California and the northeast, he said.

The mansion is located inside the gated community of Normandy Golf Course Island. It has 24-foot floor-to-ceiling windows, a floating glass staircase, and wooden and marble floors. The 20,000-square-foot property also features an infinity pool with a cabana, a dock, and more than 300 feet of bay frontage. Records show Ginestet’s Shore Property LLC paid $1.7 million for the lot in 2011.

In 2016, developer Humberto Ramirez sold his Normandy Shores spec home, which sits on a nearly 10,000-square-foot lot, for $5.15 million.

Source: The Real Deal