It seems that Key Biscayne hedge fund manager John Devaney, CEO of United Capital made a bad decision by investing in the mortage market right before it collapsed.
According to TheStreet.com, Devaney put
“…one of his most prized possessions-a 142–foot Trinity yacht dubbed Positive Carry— up for sale along with his $16.5 million second-home in Aspen, CO. The house, called Sardy House, is the site of the nations’ largest living Christmas tree.”
Well it seems Mr. Devaney is at it again. He has listed a large collection of ultra-luxury estates on the tony Isle of Key Biscayne. The combined list prices of the seven properties total $78.8M. The properties went on the market on Wednesday and have created pandemonium. These parcels are said to be some of the most prime pieces of Key Biscayne real estate.
The most notable property for sale is the Scarface estate where Michelle Pfeiffer descends into the living room to greet “Tony” in the glass elevator.
Devaney is asking $38.5 big ones for that baby.
485 W. Matheson Drive– $38.5M –Off Market
550 Harbor Cove– $10.4M
780 Harbour Drive– $11.3M
640 Sunset Circle-$8.3M
530 Harbour Drive– $4.3M
251 Harbour Drive– $3.1M
255 Buttonwood-$2.9M –Sold
Devaney bought the majority of the Key Biscayne properties in 03 & 04 and spent almost $32M acquiring the seven properties according to the Miami-Dade County records.
At one point, Devaney was a player in the failed Briny Breezes project.