An heir to Austrian gambling billionaire Johann Graf’s fortune bought a penthouse in Sunny Isles Beach.
Patrick Graf paid $12.5 million for an upper penthouse at Muse Residences, a 68-unit, 49-story oceanfront tower at 17100 Collins Avenue, property records show. Irving Langer, a multifamily real estate investor, sold the condo at a loss.
Langer paid $14.1 million for the four-bedroom, six-bathroom unit, which spans 6,100 square feet, in 2018. Property Markets Group and S2 Development completed the building that year, which means that Langer likely entered into a contract to buy the unit at that price in the preconstruction phase.
Graf paid more than $2,000 per square foot for the penthouse. The sale closed in August but the deed was recorded in Miami-Dade County this week, records show.
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Bill Hernandez and Bryan Sereny of Douglas Elliman, who declined to comment, represented Langer, according to Realtor.com. Mariam Kaira with Optimar International Realty represented Graf. The penthouse was on the market for about $15 million.
Johann Graf is worth close to $5 billion, according to Forbes. He owns Austria-based Novomatic Group, a casino operator that also sells slot machines and other gaming machines. Novomatic has about 2,000 casinos around the world, many of which are Admiral Casinos.
His son’s Sunny Isles Beach condo includes a nearly 2,700-square-foot rooftop terrace, a second terrace, four parking spaces and two summer kitchens. In 2020, the developers scored a legal victory with a prospective buyer who had alleged the development group misrepresented the size of condos in marketing materials.
Langer is founder and CEO of Brooklyn-based investment and management firm E&M Associates. Langer’s firm has been selling properties since 2018. Last year, tenants in one of the buildings he kept sued over property violations and reimbursements tied to a fire at the building.