$18.5M Penthouse at 1500 Ocean Drive Goes Under Contract

That’s right. Four combined penthouse units at Michael Graves’ 1500 Ocean Drive went under contract Friday. The unit is comprised of 11,940 interior sq. ft., 8,200 sq. ft. of private roof terrace (unfinished) and 1,624 sq. ft. of balconies.

The unit was listed in May for $18.5M and was on the market for about two months. Buyer is rumored to be Dallas-based Headington Oil Company owner, Tim Headington. Headington has been investing in high-end condominiums in such buildings as Il Villaggio, Setai, AQUA Allison Island and Continuum.

According to the Daily Business Review:

Since 2000 until October 2005, the oil company has poured at least $36.85 million into South Beach real estate buying up residential and retail condos, according to public records. It has resold a third of that inventory, raking in a $7.79 million in gross profit.

Headington has resold some of his condos to high-profile buyers. For example, movie and TV producer Jerry Bruckheimer and his wife, Linda, bought two penthouse units from the oil tycoon at Il Villaggio, 1455 Ocean Drive. Headington paid $10.01 million for both units and sold them for $12.7 million to Bruckheimer.

Headington held one unit for a year and a half and the second for five months, netting a combined $2.67 million.

1500 Ocean Drive was built in 2000 and is located at 1500 Ocean Drive in Miami Beach.