Alex Rodriguez and the property (Miami Real Estate Images, Getty)
UPDATE, December 9, 9:03 a.m.: Alex Rodriguez, a retired Yankees player turned real estate investor, has sold a home in Miami’s Bay Point neighborhood for $800,000 more than he paid less than a year ago.
Rodriguez, president and CEO of A-Rod Corp, has sold the three-bedroom, three-and-a-half-bathroom home at 4425 Island Road to a group of investors who plan to redevelop the property, according to a doorman. -word of one of the brokerage houses involved in the transaction. It traded for $6.3 million.
A group led by Lang Baumgarten, Robert Wetenhall and Jeff Gavarkovs purchased the property, Baumgarten said.
Rodriguez’s sister, Arlene Susy Dunand of Coldwell Banker, was the listing agent. Julianna Castro of Compass, who was the former owner’s listing agent, represented the buyer in the latest transaction.
Rodriguez acquired the 3,107 square foot home in March for $5.5 million through a Delaware entity named after the address, property records show. He sold it in nine months for 14.5% more than he paid.
The lakefront home was built in 1962 on a 0.4 acre lot with a swimming pool.
Rodriguez lives near Coral Gables and bought the property as an investment. Bay Point is one of the neighborhoods in Miami that have seen soaring prices. Last month, a cannabis and crypto investor flipped his Bay Point waterfront mansion for $18 million, $1 million more than its purchase price six months earlier. which marked a record for the district. Other nearby deals include the sale for $11 million of a waterfront home to singer Joe Jonas and “Game of Thrones” actress Sophie Turner in September.
Rodriguez had been embroiled in a years-long dispute with his estranged brother-in-law, Constantine Scurtis, over their real estate investments. Last month they settled their remaining claims, avoiding a trial that was due to start the following Monday. The settlement followed a judge quashing Scurtis’ racketeering and theft charges against Rodriguez earlier that month, and the same judge’s dismissal in September of 13 lawsuits Scurtis had filed against Rodriguez.
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