Real Estate

Listed for $50 Million, Faena House Penthouse Could Become Miami's Most Expensive Condo

The jewel of under-construction Midbeach development the Faena District has found a buyer. The penthouse suite of the Faena House was put on the market last November for a cool $50 million. It was the highest listing price for a condo in Miami ever, and now it's under contract. The final sales price hasn't been revealed, and it certainly won't be the full $50 million asking price, but it will likely become the most expensive condo ever sold in Miami.

According to the Wall Street Journal, the undisclosed buyer was attracted to the privacy the penthouse offers. It includes 8,273 square feet of interior space, about 10,000 square feet of exterior space, five bedrooms, five bathrooms, and two half baths. To top it all off, it features a private 70-foot rooftop pool.

Jeffrey M. Miller of Zilbert International Realty represents the buyer and says that when the deal closes, it will break all previous condo records. Incidentally, Miller represented the buyer of a penthouse at the Setai that sold for $27 million in January 2013. That property currently holds the record for Miami Beach's most expensive condo sale.

This penthouse sits atop the 18-story Faena House, which includes just 47 units. It's part of Alan Faena's larger Faena District development, which will also include a refurbished Saxony hotel, retail space, and an arts center. Architects Rem Koolhaas and Norman Foster, design firm Roman and Williams, landscape architecture firm Raymond Jungles, and film director Baz Luhrman are all creatively involved.

You might remember Faena and Luhrmann for the mind-numbingly pretentious minifilm they put together last year to promote the district.

The Faena House is still under construction. All other units have already been sold.

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