Property News

Russian family pays $14.2M for Fisher Island spread

In a transaction one local Realtor called “a huge deal for Fisher Island,” a Russian family dropped $14.2 million on a 7,000-square-foot condo in the Palazzo Del Mare development on the island. The unit, 7143 Fisher Island Drive, had been owned by Manuel E. Albarran Campillo and Adriana Albarran, who are reported to be looking for a single-family residence.

The sale price represents a significant markup since the residence first took occupancy four years ago. In September 2007, Myles Berkman and Carol Berkman bought the unit for $5.25 million. Less than four months later, in January 2008, the Albarrans purchased it for $8.3 million. It closed again last month.

The five-bedroom, 5.5-bath spread features expansive wraparound terraces, an office and media room. The unit was custom designed with the finest finishes and with unobstructed views out to Government Cut and the Atlantic Ocean. The Palazzo Del Mare building is the 216-acre island’s latest, with concierge service, a pool, media room, fitness center and private beach.

The owners easily dropped seven figures upgrading the unit, said Larry Rivero, senior sales executive with Fisher Island Real Estate LLC, who was not involved in the sale.

In fact, local Realtors contacted believe no agent was involved in the listing or sale.

The last agent to have it, Jill Eber with The Jills at Coldwell Banker, said it went off listing several months ago.

What is clear is the Russians – and Brazilians – continue to fuel high-end purchases on the island, and across South Florida, said Rivero, who sold a 4,000-square-foot unit to a Russian family a month ago.

“That building has been invaded by the Russians,” he said. “We have amazing Russian buyers now, and amazing Brazilian buyers in the summer.”