Silicon Valley venture capitalist Shervin Pishevar sold his waterfront Miami Beach estate for $21.2 million, a steep discount from the $50 million he was asking for it two years ago.
Records show Pishevar’s Sofreh Fund sold the mansion at 4647 Pine Tree Drive to a Delaware entity named for the address. The true buyer is hidden.
Jill Eber and Jill Hertzberg of the Jills Zeder Group at Coldwell Banker Realty had the listing, and Ada Sasson of Cervera Real Estate brought the buyer.
Pishevar is a venture capitalist with a star-studded track record of investments. He is a former managing director of Menlo Ventures in California’s Bay Area. He left in 2013 to launch his own fund, Sherpa Capital. His roster of early investments includes Uber, Airbnb, Slack, Lyft, Robinhood, Snapchat, Warby Parker, Tumblr, Poshmark, Rent the Runway, Quip, Opendoor, TaskRabbit and the weed delivery app Eaze, according to published reports.
He also co-founded Hyperloop One, a transportation startup that promised to move people and cargo in airless tubes at airplane speeds, based on Elon Musk’s 2013 white paper theorizing a mode of transit that could get people from San Francisco to Los Angeles in 30 minutes. The company shuttered in December, according to published reports.
Pishevar bought the waterfront Miami Beach mansion for $17 million in 2018, property records show. Built in 2013 on 1 acre, the 12,800-square-foot house has nine bedrooms, 10 bathrooms, three half-bathrooms, a pool and a one-bedroom guest house. In 2021, he tapped developer Keith Menin to renovate the 12,800 sf mansion, and listed it for $35 million. He pulled it from the market and relisted in 2022 for $50 million, Realtor.com shows. Since December of that year, the asking price has fluctuated between $26 million and $35 million, ultimately closing at the discounted price of $21.2 million. The listing shows the renovations in the main house remain incomplete.
Pishevar was part of a wave of big name tech investors who bought Miami Beach mansions in the late 2010s, including his occasional collaborator, “PayPal Mafia” member and venture capitalist David Sacks. Earlier this month, Sacks was linked to the $22.5 million sale of a Venetian Islands home in Miami Beach. Another “PayPal mafioso,” Keith Rabois, bought a waterfront Venetian Islands mansion for $28.9 million in 2020. Jim Goetz, the famous WhatsApp investor, bought adjacent Venetian Islands homes for $29.6 million in 2017 and 2019.
Billionaire PayPal and Palantir co-founder Peter Thiel bought a pair of Venetian Islands houses for $18 million in 2018, and recently won design approval for a new two-story home on his estate.
Also on Pine Tree Drive, billionaire Teddy Sagi is in contract to buy a waterfront teardown for $24 million. The Israeli mogul, who has invested more than $50 million in South Florida real estate developments, plans to build himself a home on the 1.4 acre property at 4521 Pine Tree Drive.