Hedgefunder Paul Wick and his wife Karin dropped $20.1 million on a penthouse at Ugo Colombo’s recently completed Coconut Grove project.
Records show their Wick Family Trust bought unit PH-L02 at the bayfront Vita at Coconut Grove at 4 Grove Isle from an affiliate of Colombo’s CMC Group. Paul Wick is chief investment officer at the multi-billion dollar tech fund Seligman Investments, which is part of Columbia Threadneedle Investments. Karin Wick is an attorney with a practice in San Diego.
Danny Hertzberg and Nathan Zeder with the Jills Zeder Group at Coldwell Banker Realty represented the buyers, and Alexandra Goeseke with Cervera Real Estate had the listing.
It is one of 10 penthouse units that have sold in the project, according to Veronica Cervera.
Ultra-luxury buyers have catalyzed a booming market for penthouses in Miami’s new development market in recent years, pushing prices to new heights. A penthouse at the to-be-completed Shore Club condominium in Miami Beach is under contract for $120 million –– $11,00 per square foot –– which will set a price record for condos in Miami-Dade County if it closes at that price.
Nadim Ashi’s Fort Partners sold a penthouse at its Seaway at the Surf Club for $86 million last month, which holds the price record for now.
Details on the Wicks’ penthouse have not yet appeared in public records, but the website for Vita shows it spans two stories and 6,700 square feet with four bedrooms, five bathrooms and one half-bathroom. It also has a pool and outdoor kitchen.
Goeseke said penthouse buyers wanted the convenience and security of a condo without sacrificing the creature comforts of a single-family home.
“We wanted a house within a condo,” she said of the penthouses at Vita.
Goeseke pointed to Grove Isle’s private island status as a significant appeal; it has added security benefits without the ferry ride, like on Fisher Island.
Colombo’s CMC Group completed the seven-story, 65-unit Vita in December, following a decade-long legal battle over the site.
Bank OZK provided a $239 million construction loan in 2024. It was 85 percent presold, with 10 units remaining for sale. Prices range from $6.5 million to $22 million for a penthouse.
It was the only luxury condominium completed in Coconut Grove last year, a market with strong demand for luxury homes and consistent price growth. Earlier this month, Shaklee CEO Roger Barnett and his wife, journalist Sloan Barnett, sold their waterfront mansion in the neighborhood for $71.9 million.
