The mega-rich are expanding their real estate portfolios to include condominiums in a new oceanfront development called Faena Miami Beach, according to Bloomberg Businessweek. Plans for the condos were announced to 150 dinner guests last week at Art Basel Miami Beach, a high-end fair with more than $3 billion worth of art for sale.
For people who have seen everything, this is something you haven’t seen yet,” said Len Blavatnik, the financier behind Faena, at the project’s announcement Wednesday.
Advanced buyers of the exclusive homes include Goldman Sachs Chief Executive Officer Lloyd Blankfein and Apollo Global Management co-founder Leon Black. Here’s a better idea of just how exclusive these homes are: Forbes reports that Blankfein is the 27th most powerful person in the world, while Black is among the 100 richest people in the country with a net worth of $5.2 billion.
The Cost Of Luxury
Faena’s planned 18-story tower will include 47 residences priced between $3 million and $50 million. The penthouse has a total living space of 18,253 square feet, according to the Faena website, and is one of seven condos still available.
The entire property, which is scheduled to open in December 2014, will also feature two luxury hotels and an arts center in addition to the residences.
The project seems to be the next logical step in Miami, where expensive homes are flying off the market. The number of homes sold for $1 million or more in the Miami area rose by more than a third in the last year, expert Ron Shuffield told Businessweek.
The locals agree. “Miami real estate is on steroids,” Mera Rubell, a Miami art collector who attended the Art Basel event, said to Businesweek. “The fantasy is about the community. But what are the chances all these billionaires will show up at the same time?”
Blavatnik didn’t talk about the community in his pitch last week. Instead, he focused on the money, saying, “It’s a fraction of the price of art.”