A company led by a wealth manager paid $48.5 million for a waterfront home on Brickell Avenue in Miami’s Coconut Grove, adding to a multi-acre assemblage.
Records show Paul Morelli, a managing partner at San Francisco-based Vernal Point Advisors, heads the LLC that acquired the 1.5-acre property at 3007 Brickell Avenue. Alan Richter and Mary Widel sold the 7,800-square-foot, five-bedroom house that was built in 1935. Vernal Point’s partners have handled investments for more than 20 family offices, managing more than $25 billion of assets, according to its website.
Morelli also manages the trust that acquired the waterfront home next door at 3029 Brickell Avenue in late 2021 for $29 million, records show.
Together, the properties total 2.7 acres, at a total cost of $77.5 million to acquire both. The owner could combine and redevelop the properties into a larger estate.
The lots border homes owned by billionaire hedge fund manager Ken Griffin, as well as developer David Martin of Terra. Griffin paid nearly $107 million to acquire Adrienne Arsht’s former waterfront Miami estate at 3115 Brickell Avenue, which spans 4 acres. He has also proposed moving the historic home on the property, sparking criticism from preservationists. The Citadel founder and CEO moved Citadel and Citadel Securities’ headquarters to Miami from Chicago.
Richter and Widel’s sale to the Morelli-led entity was an off-market deal. Julian Johnston of Corcoran Group represented the buyer of 3029 Brickell Avenue, and also represented the buyer in this deal. Johnston declined to comment.
Despite the slowdown and months of sales declines across the tri-county region, the luxury sector continues to notch record deals, and sellers are still asking eye-popping prices for their properties.
The sale of 3007 Brickell Avenue is the priciest to close in Miami-Dade County so far this year, and among the most expensive to close in South Florida. Billionaire William Lauder paid a record $155 million for Rush Limbaugh’s Palm Beach compound this month.
About the same time, the cosmetics heir listed his two oceanfront parcels in Palm Beach for $200 million with Jim McCann of Premier Estate Properties.
The most expensive listing in Florida is Tarpon Island, asking $218 million. Todd Michael Glaser and his partners paid $85 million for the private Palm Beach island in 2021, and Glaser renovated and expanded the estate before listing it for sale late last year. If sold at that price, the deal would mark a record for residential sales statewide.