Richard Meruelo Purchases Luxury Golden Beach Parcel in Miami

October 11th, 2007 · Comment Here · Homes

Richard Meruelo Photo | Cuban American Real Estate Developer The biggest and highest priced residential sale this year in Miami just got done and closed.

A trust of the family of Los Angeles real estate developer Richard Meruelo has purchased a 1.6 acre oceanfront parcel property for $18 million dollars. Originally listed at $24.9 million, the property, located in the luxurious area of Miami Beach known as Golden Beach, includes an oceanfront pool with a 7,000 square foot ranch house.

The former owner of the property was Delaware corporation Las Balmeras, with an original purchase price of $2.7 million in 1992.

Richard Meruelo, of Cuban heritage, has control over more total acreage in Los Angeles than almost any other landowner in the area with a total of more than 5 million square feet of land and 50 properties. Mr. Meruelo’s companies and interests include Merco Group and Meruelo Maddux Properties. He also has made inroads into the Miami residential and commercial real estate development market. He is behind the Akoya condo tower and he feels that towers are the wave of the future in the real estate market.

“Pretty soon the question of scale will be should a building be 50 stories or 80 stories, not five stories or six,” Mr. Meruelo says. “From a street perspective, whether you are standing next to a six-story building or a 60-story building you don’t notice the difference. It’s the first 30 feet that you notice. After that it could hit the moon.”