Russell Weiner, the billionaire founder of Rockstar energy drink, spent $19.95 million on a Miami Beach mansion Monday, delivering a highly caffeinated shot in the arm to South Florida’s slumping luxury real estate market.
The 9,431-square-foot home at 2920 North Bay Rd. was custom built in 2013 and listed for $29.5 million last year. It includes seven bedrooms, a rooftop terrace, wine cellar, gym and three-car garage.
David Solomon of EWM Realty International won the bayfront listing from another firm three months ago and knocked nearly $5 million off the price.
“You can’t go off what the market used to be,” Solomon said. “You can’t go off the big numbers from last year. There are a lot of overpriced homes out there right now. If you want to sell, you need to really understand the market today and that could mean dropping your price.”
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You can’t go off what the market used to be.
David Solomon of EWM Realty International
The number of single-family home sales fell 7.2 percent in May in Miami-Dade County, according to the Miami Association of Realtors. A strong dollar and economic uncertainty abroad have brought a red-hot market back down to earth.
“The buyers are still out there, but they are much more cautious and conservative,” Solomon said. “They’re not as impulsive as they used to be.”
Public records list the sellers as Jared and Michelle Goldberg. They paid $4.9 million for the property in 2010.
The sale is the second-most-expensive single-family home deal in Miami-Dade this year. The historic La Brisa property in Coconut Grove sold for $34.6 million in June. It had originally been priced at $65 million but languished on the market.
Brett Harris of Douglas Elliman represented energy drink billionaire Weiner, whom Forbes pegs as the 173rd richest person in the United States with a net worth of $3.6 billion.
He paid all cash.