Pharrell is a highly talented songwriter, producer, and performer with a litany of hits under his belt. One of his most popular songs is entitled “Happy”, and without a doubt, he is quite pleased right now regarding the sale of his penthouse in the Brickell area for $9.25 million.
The Journey to the Sale
It doesn’t seem to be overly difficult to sell property in the Miami Beach area, as the units tend to sell quickly when they go up for sale. That’s not always the case though, as Pharrell found out. His penthouse has been on the market, and off the market, and back on again since 2012. Pricing could have been a factor as to why it took so long to sell.
When he first put the home on the market, he priced it at $16.8 million. When he bought the unit in 2007, he had paid $12.52 million for it and he naturally wanted to make a profit on the sale. That’s often part of the reason that people invest in real estate in the first place. However, it was not moving at this price, so the following year, he decided to drop the price substantially – all the way down to $10.9 million. When it didn’t sell, it was taken off the market for a time. It sold recently, but for several million less than what Pharrell had initially paid for it.
What Does the Penthouse Offer?
The penthouse certainly has a lot going for it. It is more than 9,000 square feet of luxury living at the top of one of the most impressive buildings in the city – Bristol Tower. It is a home meant for a star, that’s to be sure. It offers a beautiful venetian plaster spiral staircase. When you take the stairs up to the top of the property, you arrive at a transparent dome. Much of the home features floor to ceiling windows, and the owners will certainly enjoy spending time on the oversized balcony, which has a pool as well as a summer kitchen.
The home has five bedrooms, six and a half bathrooms, and seven parking spaces. It also features a designer kitchen, teak hardwood floors as well as Italian travertine floors, and more.
Why Did Pharrell Sell the Property?
The producer spends the majority of his time in Los Angeles, as that it is where he does most of his work in the music business. Since his primary residence is on the West Coast, it didn’t make sense to have such a large and lavish property in Miami Beach when he didn’t spend much time there. Even though he may not have gotten as much as he had paid for the property when he sold it, he’s likely very happy that the property did eventually sell. Some might feel that he should have held onto the place a bit longer and waited for the demand to rise, but most believe that it was a better decision to get out of the property when he could sense he would have been wasting money on the upkeep and property taxes if he didn’t live there.