A company tied to New York developer Peter Fine sold a waterfront Miami Beach home to a San Diego-based angel investor and entrepreneur.
Kim Reed Perell and her husband, John, paid $10.8 million for the house at 4420 North Bay Road.
The nearly 8,000-square-foot home, built in 2003, has six bedrooms, eight bathrooms and one half-bath. The house has a gate, a gym, a master suite with a balcony, an infinity pool and a private dock, according to the listing.
Jill Hertzberg of the Jills Zeder Group with Coldwell Banker Realty represented the seller. Fabio Lopes with the same firm represented the buyer. The house listed in November for $13.3 million, then the price dropped to $11.9 million in February, according to the listing.
The Fine-connected company bought the house for $9 million in 2008 from a company connected to South Florida developer Eric Sheppard.
Fine is the principal and co-founder of New York-based real estate development firm Atlantic Development Group and owner of Miami-based To Better Days Development. He is also a Broadway producer.
In 2015, Fine launched To Better Days Development to build ultra-luxury, waterfront mansions in Miami Beach for spec. In February 2019, To Better Days sold a 10,665-square-foot spec estate at 6010 North Bay Road to Yext founder and CEO Howard Lerman for $17 million. Fine also developed the 13,000-square-foot spec mansion at 6440 North Bay Road, which is listed for $22.5 million.
In May, he secured a $70 million construction loan for a massive residential project in East Harlem, a sign of life for the commercial lending market.
In October, the United States Attorney for the Southern District of New York announced a federal civil rights lawsuit against Fine and Atlantic, accusing them of designing and constructing more than 6,000 apartments in 68 rental buildings throughout the Bronx, Manhattan and Westchester County that do not comply with the federal accessibility requirements. Fine has denied the accusation.
Kim Perell describes herself as an angel investor who’s invested in more than 80 companies, 16 of which have been acquired. She became a multimillionaire by age 30, according to her website and social media.
Other recent deals on North Bay Road include Softbank’s Marcelo Claure paying $11.1 million for 5212 North Bay Road with plans to build a new mansion, a lighting company executive who sold a home at 4330 North Bay Road for $9.8 million and a New York real estate honcho who bought a home at 6380 North Bay Road for $9 million.