Mortgage tycoon Ronald J. Leonhardt Jr. traded two adjacent waterfront properties on Hibiscus Island in Miami Beach for a combined $ 27 million after buying them earlier this year.
Records show that Leonhardt Jr. sold 225 North Hibiscus Drive and 205 North Hibiscus Drive to Hibiscus Islands Holdings LLC, a Delaware company serving Troy Gould PC law firm in Los Angeles.
Leonhardt is President and CEO of CrossCountry Mortgage, based in Brecksville, Ohio, a mortgage lending company he founded in 2003.
Property documents show that Leonhardt bought the properties about one month apart this year. He bought the first 225 North Hibiscus Drive in February for $ 11.8 million and the other 205 North Hibiscus Drive in March for $ 9 million.
It now sold 225 North Hibiscus Drive for $ 13 million and 205 North Hibiscus Drive for $ 14 million, records show.
The eight bedroom, five bathroom home on 225 North Hibiscus Drive was built in 1934. It features 50 feet of water frontage on a 0.6 acre lot. According to Julian Johnston of The Corcoran Group, who was the seller in the February deal, the sellers had planned to demolish the house before Leonhardt offered the purchase.
The house next door, at 205 North Hibiscus Drive, was built in 1956 and is on 0.5 acre lot according to property records.
As waterfront single-family homes in Miami Beach decline rapidly, investors like Eddie Irvine are rushing to demolish or renovate homes. Irvine recently paid $ 10.5 million for a waterfront home on nearby Hibiscus Island.
Other recent sales on Hibiscus Island include the purchase of a non-waterfront home for $ 7.8 million by Victor Oladipo of Miami Heat and jewelry designer Paul Morelli who bought a waterfront mansion for 17.5 Acquires million US dollars.