David Dailey Of Duchossois Capital Management Buys Miami Beach Condo From David Martin And Russell Galbut For $21M

A penthouse condo located at 500 Alton Road in Miami Beach was sold for $21,000,000. The property encompasses 5,545 square feet, with a price per square foot of approximately $3,787. The unit is situated on the 48th floor and features a private pool deck.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $21,000,000
• Buyer: David Dailey - Duchossois Capital Management
• Seller: David Martin - Terra; Russell Galbut - GFO Investments
• Lender: Bank of America
• Loan Amount: $14,700,000

The transaction was notable for setting a building record in pricing, with the buyer acquiring the penthouse through a mortgage provided by Bank of America. The deal highlights the involvement of key stakeholders in the Miami Beach market, reflecting the dynamic nature of high-end real estate transactions in the area.