Artefacto owner Paulo Bacchi sold a pair of waterfront properties on Miami Beach’s Palm Island to concrete mogul Randall Edgar for a combined $20 million.
Bacchi sold the spec home at 222 South Coconut Lane and the vacant lot at 290 South Coconut Lane to Edgar, his broker confirmed.
Edgar is the president of Eagle Redi-Mix Concrete in Tulsa, Oklahoma, which supplies concrete for residential, commercial and infrastructure projects, its website shows.
Isaac Lustgarten and Liora Rahimi of Official, Tal and Oren Alexander’s embattled brokerage, had the listing for 222 South Coconut Lane. Lourdes Alatriste of Douglas Elliman had the listing for the lot at 290 South Coconut Lane. Seth Semilof and Michelle Andara of Haute Real Estate represented the buyer in the deals.
Bacchi’s Artefacto is a luxury furniture and staging company headquartered in São Paulo, Brazil. His father started the firm in Brazil in 1976, and today it has a 40,000-square-foot showroom in Coral Gables, others in Aventura, Boca Raton and Doral, and recently opened one in New York City.
Bacchi bought the 290 South Coconut Lane property for $5.1 million in 2021, and the 222 South Coconut Lane property for $5.4 million in 2022, property records show. He completed the 4,500-square-foot house at 222 South Coconut Lane last year, according to the listing. Sitting on 0.2 acres, it has five bedrooms, four bathrooms, one half-bathroom, a pool and 50 feet of waterfront with a dock, the listing shows.
The separate 0.2 acre waterfront lot at 290 South Coconut Lane includes approved plans by Choeff Levy Fischman. Edgar plans to build the home according to the plans and live in the house at 222 South Coconut Lane during construction, Semilof confirmed.
Semilof said Edgar is “very bullish” on the Palm Island market and future price growth, pointing to a wave of redevelopment bringing more new construction to the gated community.
Palm and Hibiscus Islands have been growing in popularity, with buyers attracted to its lifestyle and high security, Alatriste said. In May, Chilean developer and casino mogul Claudio Fischer sold a waterfront spec mansion for $40 million, marking a price record for the islands.