Real Estate News

Mansion seized from jailed Miami developers on the market for $25 million

A view of the Miami Beach mansion known as Whitehall. Its price has been knocked down from $29.5 million to $25 million.
A view of the Miami Beach mansion known as Whitehall. Its price has been knocked down from $29.5 million to $25 million.

The French banking agency that seized a Miami Beach mansion from developers convicted of tax evasion has knocked the property’s asking price down to $25 million, from an original $29.5 million.

The 13,637-square-foot home, known as Whitehall, boasts 9 bedrooms, a helipad and a sordid past — it was among the $49 million worth of assets that Mauricio Cohen Assor and Leon Cohen-Levy were convicted of hiding from tax authorities in federal court in 2011. The father-and-son duo were sentenced to 10 years.

The Cohens used offshore companies set up by Mossack Fonseca — the law firm at the center of the Panama Papers — to hide their loot, which also included bank accounts, luxury cars and a helicopter. But creditor CDR Creances SAS, a French agency seeking to recover a $180 million loan the Cohens allegedly stole from a failed French bank, ultimately won control of the mansion and other properties after a court battle.

CDR is also re-listing another former Cohen home it now owns: A three-bedroom condo at 7213 Fisher Island Dr. The price for the ocean-view home has been reduced from $14 million to $12 million.

The luxury market has struggled in 2016 because of a drop-off in foreign buyers. The mansion found no takers after being listed in October 2015.

But Realtor Jill Eber, who holds both listings along with business partner Jill Hertzberg, said the election has put some wind back in the market’s sails just as Miami’s winter home shopping season kicks off.

“Buyers were holding back,” Eber said. “[But] now that we’re past the elections, I think there seems to be more confidence.”

  Comments