Miami’s Down Market Compels Owner of $25M Penthouse Condo to Sell for $9.9M

By Anuradha Kher, Online News EditorMiami–A luxury triplex penthouse condominium in Miami, which was on the market since 2007, and originally listed for $25 million, has finally been sold but at a more than 50 percent discount.The original owner had listed the tri-level home, which is located in the exclusive 12-acre, oceanfront gated condominium development on the southernmost tip of Miami Beach, for $25 million, then dropped it to $15 million, and finally managed to sell it to a European bachelor for $9.9 million with help from Wall Street-based brokerage firm Platinum Properties. It took just 48 hours to close after the buyer was referred by Khashy Eyn and Philip Askeroth of Platinum. The penthouse in the South Tower at The Continuum served as the backdrop in the 2005 DreamWorks film, Red Eye, and was recently featured on Extra’s “Mansions & Millionaires” Miami special. The penthouse spans across the 40th through 42nd floors of the building and offers approximately 7,400 square feet of living space with five bedrooms and seven-and-a-half baths and panoramic vistas of South Beach, the Atlantic Ocean, Fisher Island and Downtown Miami. The unit features a surround sound system and smart house touch panels that control everything from audio and video to lighting and Lutron motorized shades and in-home security. “It’s one of the best condominiums in Miami and in a good market, there’s no reason why it will not sell for $20 million plus,” Eyn, CEO of Platinum, tells MHN. “Our buyer was looking for an exclusive condo at a luxurious destination along the water. The new owner was so excited about it that he actually closed and relocated in just a matter of days.”    The triplex penthouse features 26-ft. floor-to-ceiling windows in the living room and more than 6,000 square feet of outdoor terraces. The unit is finished with Italian marble travertine flooring throughout; a gourmet windowed kitchen with granite countertops, three Sub-Zero refrigerators and two wine chillers; an additional kitchenette on the 41st floor adjacent to a private rooftop pool with outdoor theater system; laundry room; private storage and reserved parking downstairs; an in-home elevator; and four plasma TVs including one in the master bath. “The Miami market is bad, but a penthouse like this one is priceless and worth every penny,” says Eyn.