Paul Morelli Sells 8,400 Sq.Ft. Mansion In Coconut Grove For $20.3M

A 1.2-acre property located at 3029 Brickell Avenue in Coconut Grove has been sold in a recent transaction. The property is a single-family residence with a total area of 8,400 square feet. The sale price for this mansion was $20.3 million, resulting in a price per square foot of $2,417.

Summary of transaction details

• Property Type: SFR
• Transaction Amount: $20,300,000
• Market: Coconut Grove
• Address: 3029 Brickell Avenue
• Acres: 1.2

The seller of the property was Paul Morelli, who acted as the trustee of Brickell Holdings Trust. Representing Vernal Point Advisors, Morelli successfully closed the deal with a Chicago-linked firm, whose identity was not disclosed in the provided information. Interestingly, this transaction represents a decrease in value compared to the property's previous sale of $29 million in 2021. The buyer of the mansion already owns an adjacent property that was purchased for $48.5 million, raising the possibility of combined redevelopment.