Italian developer Valerio Morabito sold his waterfront Miami Beach mansion to Italian entrepreneur, DJ and Instagram personality Gianluca Vacchi for $24.5 million.
Morabito sold the 12,700-square-foot home at 1510 West 25th Street on Sunset Island II to Vacchi, listing agent Eloy Carmenate of Douglas Elliman confirmed. The Sunset Islands mansion was last asking $27 million. Carmenate and Mick Duchon co-listed the property, and represented the buyer as well.
The seven-bedroom, seven-bathroom and three half-bath mansion has 7,400 square feet of terraces, a 1,140-square-foot rooftop, and about 150 feet of waterfront. The house was built 13 feet above sea level, and features two guest homes, a gym, elevator, wine cellar, screening room, 90-foot pool and an outdoor kitchen.
It sold for $1,929 per square foot.
Morabito hired Michele Bonan and Max Strang to design the estate, which was completed late last year. The property includes more than $1 million of Bonan’s custom furniture, according to information from Elliman.
Records show Morabito’s 1510 West 25 LLC paid $5.6 million for the lot in 2012.
The Wall Street Journal first reported the sale.
Morabito has partnered with developer Ugo Colombo in Miami Beach, where they built the boutique oceanfront condo building called Beach House 8. He is also working on plans for a 41-unit condo in Bay Harbor Islands with Colombo. Morabito has a development planned in Wynwood, as well.
Vacchi previously led his family’s business, IMA Group, which designs and manufactures machines that process and package pharmaceuticals, cosmetics, food, tea and coffee. He has about 16.8 million followers on Instagram, and is known for clips showing him dancing with his girlfriend. Earlier this year, he listed his penthouse at 1800 Sunset Harbour Drive in Miami Beach for $10.9 million.
Hospitality entrepreneur David Grutman recently listed his Sunset Islands home at 2201 Sunset Drive on Sunset Island IV for $8.9 million.
Write to Katherine Kallergis at kk@therealdeal.com