Luxury Property Fire Sale in Key Biscayne; Scarface Home on Market for $38.5M

Scarface

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.

  1. 485 W. Matheson Drive– $38.5M –Off Market

  2. 550 Harbor Cove– $10.4M

  3. 780 Harbour Drive– $11.3M

  4. 640 Sunset Circle-$8.3M

  5. 530 Harbour Drive– $4.3M

  6. 251 Harbour Drive– $3.1M

  7. 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.

  • http://activerain.com/jon Jonathan Washburn

    Fascinating! You gotta think that with all of the Scarface hype over the past couple years that house has to sell for a hefty profit. Thanks for the scoop.

  • http://www.kevintomlinson.com Kevin Tomlinson

    He bought it for $15M a few years ago. Let’s see what happens!

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  • http://www.homesgofast.com Nicholas Marr

    Looks damm attractive and i think will attract an overseas property buyer. The strength of the pound and the Euro against the US Dollar will have investors and millionaires digging deep into their pockets. I am CEO of UK based international real estate company and have seen apartments for sale in central London Uk at that price!
    I predict that the buyer will be from Europe or Russia.

  • http://www.photovoltaics.com Lawrence Curtin

    Key Biscayne is 3 feet above mean high tide. Within the next 50 years the oceans are expected to rise 3 feet.

    A Andrew like hurricane could produce a storm surge of 20 feet.

    I hope that the good folks of Key Biscayne have a plan for the retaining wall they are going to need. Or it will be really neat to view these properities from the safety of a glass bottm boat.

    Reallity Check Please.

  • http://www.incomeyield.com Income & Yield

    Overall, what’s happening in S FL in the 1 to 2 mill range?

  • http://www.kevintomlinson.com Kevin Tomlinson

    I & Y,

    In condos on Miami Beach, things are fair (because the buyers are 2nd & 3rd home buyers). In single family, not pretty.

  • http://www.kevintomlinson.com Kevin Tomlinson

    Lawrence,
    I saw that cartoon tonight in the Key Biscayne Islander newspaper. Funny.