This single-family asset, located at 6640 Allison Road in the Miami Beach market, spans 8,911 square feet and sits on 0.46 acres. The property was sold for $16,500,000, which reflects a price per square foot of $1,852. The home offers a redevelopment opportunity in a local market that is currently experiencing a slowdown, and it was marketed accordingly.

Summary of transation details:

• Property Type: Single Family
• Transaction Amount: $16,500,000
• Address: 6640 Allison Road
• Market: Miami Beach
• Acres: 0.46
• Selling Entity: The 6640 Allison Road Land Trust
• Buying Entity: Lino Saputo Jr. - Saputo Inc
• Buyer's Representative: Julian Johnston - The Corcoran Group
• Seller's Representative: Devin Kay - Douglas Elliman
• Square Feet: 8,911
• Price per Square Foot: $1,852

Lino Saputo Jr., a Canadian billionaire, acquired the property through his family office, Quadriam USA, with intentions to demolish the existing structure and construct a new one. The transaction reflected a discount from the property's 2023 price, and its sale highlights a strategic move amid the current market dynamics in Miami Beach.