Fashion executive and investor J. Christopher Burch – ex-husband to designer Tory Burch – sold a waterfront property in Miami Beach for $10.7 million, property records show.
The sale of 5111 Pine Tree Drive marks a nearly 11 percent loss for Burch, whose JCB Miami LLC paid $12 million for in 2017. At the time, the property included a nine-bedroom, 8,551-square-foot mansion, built in 1929.
Burch, head of Burch Creative Capital and one of developer Alan Faena’s investors, knocked down the house. The property is now a vacant lot. He purchased the 1.6-acre property, with 170 feet of frontage along Indian Creek, from developer Richard Meruelo and his wife Maria. The Meruelos own the house next door.
Burch’s JCB Miami LLC is in the care of his Burch Creative Capital. The New York-based firm invests in apparel and accessories, snack foods and more. It sold the
property to a trust managed by Mohamad Mabrok. It’s unclear who the buyer is and the property was not listed on the MLS.
A few properties have traded hands along Pine Tree Drive over the past year. Jamie LeFrak, vice chairman and managing director of LeFrak, went under contract to buy a mansion at 4567 Pine Tree Drive in February, and closed on the property for $19.6 million in April.
Last year in September, a 2-acre estate built by the city’s founding Collins family, at 5011 Pine Tree Drive, sold for $14.5 million – more than 40 percent off its original $25 million price tag.