Million Dollar Deals in South Beach

South Beach Real Estate is experiencing a lot of heat waves, in terms of recent multimillion dollar transactions. Last week the record breaking sale at the Setai, where a condo was sold for the highest ever paid in South Florida condo– $27 million. To top this list, Miami New Times has reported that media billionaire Robert Sillerman, will co-own clubs managed by the Opium Group. This move will affect South Beach’s nightlife and entertainment scene, as one financier could monopolize the market with their own rules and protocols.

Sillerman is noted for previously purchasing American Idol and Graceland. He’s also the pioneer behind Clear Channel, which was sold and is now recognized as Live Nation. This real estate connection is found on the basis that entertainment and attractions can affect a district’s residential market.

In other entertainment news, the Food Network South Beach Wine & Food Festival will be held between February 21 and 24. This event will feature nationally acclaimed chefs that are regulars on the Food Network Channel.

Additional multimillion  dollar South Beach real estate transactions include the Chetrit’s Group’s purchase of the Miami Beach Resort for $117 million, which features 424 rooms. The group has acquired at least 14 buildings in Miami Beach within the space of two years.  Stay tuned for more South Beach Real Estate news, by subscribing to Sydney Server Real Estate.

Sources: Miami New Times, Wall Street Journal, Daily Business Review

Photo Credit: The Real Deal

Daneil Fletcher for SydneyServerRealEstate.com