Insightec CEO Dr. Maurice Ferré Jr., son of the late former mayor of Miami, Maurice A. Ferré, sold a waterfront teardown in Key Biscayne for $16.5 million.
Records clearly show Ferré Jr. and his wife, Maria Ferré, bought the household at 520 South Mashta Drive to Finch Progress Company, a Florida entity managed by Paul Destefanis. Destefanis is a taking care of spouse of Miami-primarily based Innovative Organization Valuations.
Pamela Ibarguen and Nelson Duque of Fortune Christie’s Worldwide Real Estate had the listing, and Jonathan Matos of Douglas Elliman brought the buyer.
Ferré Jr. heads the Israeli medical product company Insightec. He previously co-started Mako Surgical Corporation, a health care device maker he launched in 2004. Stryker, a Kalamazoo, Michigan-primarily based healthcare tech organization, bought Mako for $1.65 billion in 2013, according to released studies.
Ferré Jr.’s late father was a six-time period mayor of Miami and the city’s initial Hispanic mayor. He is commonly regarded as the father of modern day-day Miami for shepherding the town by the tumultuous period of time concerning 1973 and 1985 when he held business. He died in 2019.
The Ferrés bought the waterfront Essential Biscayne dwelling for $8.7 million in 2014, data present. Developed in 1961 on .5 acres, the 3,100-square-foot home has three bedrooms, 4 bogs and a pool, according to house documents. They outlined it for $17.2 million in December, Redfin demonstrates. The pair also owns the non-waterfront home across the street at 521 South Mashta Generate, which they purchased for $1.3 million in 2004, information show.
The sale marks the second Mashta Generate deal for Paul Destefanis in latest months. In February, his Olive Developments marketed the waterfront dwelling at 760 Mashta Drive for $24.5 million. Matos explained Destefanis favored this Mashta Push home for the measurement of the lot and safety of the neighborhood.
“There’s a large amount of security on the island,” Matos claimed. “You push around in your golf cart, and when you cross that bridge you’re a planet absent from Miami.”
Luxury consumers in South Florida are prioritizing privateness and stability in their purchases, also preferring gated communities with spherical-the-clock stability.
