Billionaire Russell Weiner foreclosed on Richard and Maria Meruelo’s waterfront Miami Beach home — capping a nearly four-year legal battle over the property that sits between two of his lots.
Weiner’s Pine Tree Development secured the title to the property at 5101 Pine Tree Drive earlier this month, court records show.
Weiner is worth about $5.2 billion, per Forbes, which stems from the nearly $3.9 billion sale of Rockstar to PepsiCo in 2020.
He plans to demolish the Meruelos’ home.
“After many years of hard work and patience, we now have over 850 feet of water frontage on 4.6 acres,” Weiner told The Real Deal via text. He said he plans “the most incredible estate in Miami.”
Richard Meruelo’s attorney wasn’t available for comment.
Weiner’s path to securing the middle lot and developing the assemblage hasn’t been smooth.
After Weiner’s company paid more than $35 million in 2021 for the two surrounding waterfront properties on 5011 and 5111 Pine Tree Drive, he bought the note on the Meruelos’ mortgage from the previous lender, which had already initiated a foreclosure for more than $6 million.
The foreclosure was also wrapped up in the Meruelos’ complicated divorce.
At one point, Richard Meruelo transferred ownership of 5101 Pine Tree Drive to a company controlled by his mother, Belinda Meruelo, for about $7 million. But that sale was not upheld by the court. Meanwhile, Maria Meruelo was trying to sell the property to a spec home developer for $18.4 million.
Richard and Maria Meruelo paid $8.5 million for the then-Mediterranean-style estate in 2012. Records show sheik Tarek Al Fassi, part of the Saudi royal family, sold it to the Meruelos. The Meruelos knocked the house down and built a new home.
The Meruelo family, led by Belinda and Homero, is known for its real estate holdings. The family owns a 75 percent interest in the Deauville Beach Resort site at 6701 Collins Avenue in Miami Beach, across the Intracoastal Waterway from Pine Tree Drive. Richard Meruelo was also a developer in Los Angeles.
The Meruelos are partnering with David Martin of Terra to redevelop the oceanfront Deauville property into a multi-tower condo and hotel project. The sometimes highly litigious Meruelo family was criticized for letting the Deauville fall into such a state of disrepair that a judge ordered its demolition in 2022. They also racked up millions of dollars in fines.
The city commission on Wednesday approved on first reading a development agreement and a settlement requiring that the Meruelos and Martin pay $6.3 million in fines and resolving litigation with the city. The final votes are expected at the May 21 commission meeting.
Weiner’s plans for his Pine Tree Drive estate
Weiner said he is still deciding what to do with the middle lot. He may develop it as a singular estate or combine it with one or both of the other properties.
He has publicized his grand plans for the other properties, including a new 30,000-square-foot main mansion at 5011 Pine Tree Drive. Construction began in 2022.
He had the former main house at 5011 Pine Tree Drive, built in the 1920s, gutted and relocated to a different part of the property, to the tune of at least $1 million. Two doors down, at 5111 Pine Tree Drive, Weiner plans a guest estate. The project was previously expected to cost more than $100 million.
Construction of Weiner’s properties raised red flags among some neighbors who were concerned about the process and preservation of the historic structures on the site, TRD reported last fall. The neighbors pointed to the alleged forgery of signatures on public filings tied to construction.
A month later, Weiner sued his construction manager, alleging that he was defrauded out of at least $20 million via “schemes to defraud and cheat” through overbilling, false charges and self-dealing, according to the complaint. The lawsuit is ongoing.
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