The president and CEO of an Ohio-based mortgage company spent $11.8 million on a waterfront Hibiscus Island home.
Records show Ronald J. Leonhardt, the president and CEO of Brecksville, Ohio-based CrossCountry Mortgage bought the home at 225 North Hibiscus Drive in Miami Beach from Warwick Mobile Home Park LLC, a Virginia company. John A. Franklin signed the deed on behalf of the seller.
In April 2020, Warwick Mobile Home Park LLC bought the Miami Beach home for $9.3 million.
Chad Carroll of The Carroll Group at Compass represented Leonhardt, and Julian Johnston represented the seller, according to Realtor.com.
According to Johnston, the sellers planned on demolishing the existing house. Leonhardt gave an unsolicited offer and the sellers accepted, Johnston said, adding that the home had been abandoned for a year. Waterfront home sales throughout Miami Beach have soared in recent months, due to increased demand throughout the pandemic.
Property records show the home, built in 1934, has eight bedrooms and five bathrooms. It sits on a 26,250-square-foot lot with 150 feet of linear water frontage.
A waterfront mansion on Hibiscus Island sold for $7.8 million in October and in September, a company tied to Orion Real Estate Group paid $6.3 million for a waterfront home.