Miami Beach real estate attracts all kinds of buyers, from the jetsetter crowd to the Hollywood set. The rich and powerful, lovers of luxury, sun worshippers…they all flock to the warm, sunny shores of Miami. We can now add artists to the list as well. Louis Meisel’s art gallery (represented by another company out of Soho) recently purchased a multimillion-dollar property in Miami Beach.
Residence at the Bath Club is located on 59th Street and Collins Ave in Miami Beach. The property developed by Don Peebles, well known real estate mogul developer. It spans 4,600 square feet under air and 800 square feet of terraces. This property was previously owned by Luis and Jennifer Villa, who purchased the property for a mere $1.8 million back in 2012. The price paid by Meisel’s firm was $5 million, netting the Villas a tidy profit on the deal.
The artist in question, Louis Meisel, is responsible for coining the term “photorealism” back in the 1960s. He became renowned for his ability to create paintings so realistic that they resembled photographs. The company that purchased the condo on his behalf was Slam It LLC, based in Soho, New York, and the deed recorded Meisel’s gallery on Prince Street as the mailing address of the company purchasing the property. That gallery houses the largest collection of pinup art in the world, and spans 20,000 square feet.
Why the sudden purchase of a condo in Miami? While there was no actual reason given, a lot can be inferred if you’re paying attention to the area. Miami has always evolved, but the city is changing in many new ways these days. It’s reinventing itself into one of the top global destinations for a variety of people, no longer just vacationers or jetsetters. With the development of the Brickell City Centre, and the potential offered by the planned Worldcenter downtown, Miami’s real estate is becoming more and more attractive. Add to that the ongoing performance and growth in luxury real estate in outlying areas like Bal Harbour and Sunny Isles.
This combination of factors makes Miami a very attractive destination for a wide range of those able to afford a condo property here. As real estate rates continue to rise, expect to see more high-profile individuals signing leases and deeds.