A duplex penthouse in a new Miami beachfront condominium just chopped its asking price by more than 25% from the $53 million it was first listed for over a year ago.
Penthouse 900 at 321 Ocean Drive in Miami Beach is now listed for $39.5 million, with a price reduction of $13.5 million or over 25%, according to the Multiple Listing Service.
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The current owners, Boris Jordan and his wife Elizabeth, closed the unit in mid-2015. He bought off the floor plan, for $20 million, according to the Wall Street Journal. But they tried to flip it six months after closing, for a profit of $33 million. The price dropped to $47.5 million in early 2016.
If it sells at $39.5 million, the couple can still reap $19.5 million in profit, almost doubling their investment.
Mr. Jordan, founder of the private equity and advisory firm Sputnik Group, served as chief executive of the state-controlled Russian media conglomerate Gazprom-Media, and as head of the Russian television network NTV. His wife is a photographer and philanthropist.
The penthouse features four bedrooms and six bathrooms, spanning over 6,800 square feet. There is a private rooftop terrace with 36-foot infinity pool, according to the listing.
Listing agent Jorge Uribe from One Sotheby’s International Realty wasn’t immediately available to comment. Mr. Jordan could not be reached for comment.