Atrio Insurance Group Chairman Rafael Cedeno Camacho sold his waterfront Normandy Isle estate in Miami Beach for a record $15.5 million.
Camacho sold his home at 2608 Biarritz Drive to an unknown buyer this week, according to listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM. Gonzalez declined to comment on the identity of both the seller and buyer, saying only that the buyer is a Brazilian who lives locally. The sale has not yet cleared records. Carolina Lara of One Sotheby’s International Realty brought the buyer. She could not be reached for comment.
2608 Biarritz Drive (Courtesy of Nelson Gonzalez)
Records show Camacho bought the 0.3-acre property for $2.5 million in 2016, and built the 5,884-square-foot, six-bedroom, six-bathroom house in 2019. The waterfront property includes 73 feet of water frontage, an elevator, a smart home system, and a floating glass staircase, according to the listing. Gonzalez said the seller built the home for his family, but decided to move closer to his childrens’ school further south in Miami.
The sale broke the price record for a residential sale on Normandy Isle. The last record was the $11.1 million sale in July of the home at 1120 Bay Drive, property records show.
2608 Biarritz Drive (Courtesy of Nelson Gonzalez)
“If that exact house was on North Bay Road it would be $30 [million] to $35 million,” Gonzalez said, adding that demand remains high and inventory is still thin for waterfront Miami Beach properties, which is keeping pricing strong.
Ken Griffin sold one of his waterfront lots on Star Island to A-Rod this week. The billionaire hedge fund founder had bought the property for $24 million in 2020.
In August, a residential brokerage founder bought a waterfront Miami Beach house for $10 million. That same month, Todd Glaser and two partners bought a waterfront lot on Allison Island for $7.9 million, with plans to build a spec mansion.