Car insurance mogul flips Miami Beach waterfront estate

4403 Pine Tree Drive with Mendel Fellig and Oren Alexander (Credit: Douglas Elliman, Sean Zanni/Patrick McMullan via Getty Images)

Auto insurance mogul John Rost sold his waterfront estate on Pine Tree Drive.

Rost, who owns Fiesta Auto Insurance, sold the nine-bedroom, 10,000-square-foot mansion at 4403 Pine Tree Drive to a trust for $7.3 million. The property was marketed as a teardown, according to the listing.

Rost paid $7.2 million for the home in November, meaning he sold it for just $100,000 more, excluding broker commissions and closing costs.

The L.A. Young Estate Trust, managed by trustee Ellen Rose, acquired the 0.85-acre property. The closing was recorded on Monday as residential brokerages began to shut down throughout South Florida due to the coronavirus pandemic.

Oren Alexander of Douglas Elliman represented Rost, while Mendel Fellig of Compass brought the buyer.

Alexander said the seller, who planned to build a new house on the property, had a change of heart and is looking for a new lot on which to build.

The two-story, Mediterranean-style home was built in 1934 and added onto throughout the years, property records show. It features marble floors, custom ceiling moldings, a living room with a fireplace, formal dining room, and a master suite with dual bathrooms and walk-in closets. The property includes two guest houses, a pool, outdoor bar and cabana.

Earlier this month, Thomas and Rhonda Weiss sold their waterfront house nearby at 4333 Pine Tree Drive for $5.9 million. The buyers, who are tied to Thibeaux Architecture, will likely build a new house on the property.

Anthony Kennedy Shriver, a nephew of the late President John F. Kennedy Jr., and Alina Shriver also sold their house at 5821 Pine Tree Drive for $8.15 million.

Argentinian developer Alan Faena listed his waterfront home at 4731 Pine Tree Drive for $16.5 million in October. Alexander is the listing agent for that property.

The post Car insurance mogul flips Miami Beach waterfront estate appeared first on The Real Deal Miami.

from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/03/19/car-insurance-mogul-flips-miami-beach-waterfront-estate/
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