Blacksmith owner Shareef Malnik sold his single-family home on Ocean Drive in Miami Beach for $ 9.6 million.
Malnik sold the four-bedroom, four-and-a-half-bathroom home at 222 Ocean Drive to Mark and Jessica Mindich, according to property records.
Mark Mindich is COO of Meritage Group, a San Francisco-based investment advisor with approximately $ 11 billion in assets under management, according to his website. Jessica Mindich is a former lawyer and founder and CEO of the Caliber Collection, which turns bullet casings into jewelry.
Malnik’s family is well known in Miami Beach for their philanthropic work with the Make-A-Wish Foundation. Malnik’s father, Alvin, is a developer and former part owner of Title Loans of America. This year, The real deal reported that Shareef Malnik had signed a deal with hotel mogul David Grutman to lease and rename The Forge restaurant in Miami Beach.
The Mindiches financed their acquisition with a $ 6.2 million loan from Citibank, according to records.
Eloy Carmenate and Mick Duchon of the Corcoran Group represented the buyer and seller. The 7,056-square-foot home has been on and off the market since 2010, at one point asking for nearly $ 15 million.
Malnik paid $ 1 million for the property in 1995, according to records.
The house was built in 1930 and rebuilt by Todd Michael Glaser, according to the listing. The three-story home on a 5,750 square foot plot features a rooftop pool with an Ipe wood deck and outdoor kitchen, wine cellar, and smart home amenities.
An Ocean Drive property owned by Gloria and Emilio Estefan recently went on the market for $ 45 million.
Following a huge crowd on Ocean Drive during spring break, the Miami Beach City Commission voted last week to reduce drinking hours to 2 a.m. until early December in the Mixed Entertainment District , located between Ocean Drive and Collins Avenue south of 16th Street.