Louise Sunshine sells her Miami Beach penthouse at a “tremendous loss”

Louise Sunshine and the Grand Venetian in Miami Beach (Credit: Google Maps)

Real estate sales, marketing and development expert Louise Sunshine sold her combined penthouse unit at the Grand Venetian in Miami Beach, losing about $2 million on the sale, The Real Deal has learned.

Sunshine had the two-story, 6,400-square-foot unit on and off the market since at least 2015, at one point asking nearly $12 million. She sold it for $5.7 million to a foreign buyer, according to property records.

Sunshine paid more than $4 million for units 2502 and 2503 in August 2013, and later combined and renovated the condos at 10 Venetian Way, on Belle Isle in the Venetiain Islands. She sued the Grand Venetian homeowners’ association in 2015 for requiring her to pay a $1 million fee to combine the units.

The penthouse has six bedrooms, six bathrooms and includes three balconies, an elevator, marble floors, 20-foot ceilings with floor-to-ceiling glass and a glass staircase.

“I lost about $2 million because my construction costs of combining those two residences and the time delays caused by the board and the building, which held up the construction process, was too long,” she said, adding that the sale “barely covered the cost of my mortgage.”

Sunshine moved to a rental at Bellini Bal Harbour, at 10225 Collins Avenue, because the closing of her Grand Venetian unit was moved up to April 1.

“Moving during the coronavirus is the most impossible task I’ve ever undertaken,” she said. Sunshine stayed at the Four Seasons Hotel at the Surf Club for about three weeks. She’s been a strategic adviser for Fort Partners, working on Four Seasons-branded developments in Surfside and in Fort Lauderdale.

The off-market deal of her Grand Venetian penthouse was brokered by Jill Hertzberg of The Jills Zeder Group at Coldwell Banker, who had the exclusive listing in 2015. It was later listed by other agents, and was most recently asking about $6.5 million, Sunshine said.

The post Louise Sunshine sells her Miami Beach penthouse at a “tremendous loss” 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/2020/04/10/louise-sunshine-sells-her-miami-beach-penthouse-at-a-tremendous-loss/
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