The Art of a Deal: Miami Brokers Use Art Basel to Sell Real Estate
BY: KATHRYN HOPKINS
$28.5M home relisted with $15 million yacht filled with art, just in time for annual fest
A lavish newly built mansion in Miami Beach’s Venetian Islands was put on the market last year for $36 million, but failed to sell amid a cooling luxury market.
As a result, developer Casa Clara, the seller of the 11,500-square-foot home at 212 West Dilido Drive, has switched marketing strategies, changing brokers to Douglas Elliman Real Estate and cutting the price to $28.5 million.
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This, however, is not the whole strategy. The home and its new price tag will officially be put back on the market today, just days before Art Basel Miami Beach (the sister festival of Switzerland’s eponymous event) takes place next Thursday through Sunday.
When Art Basel Miami Beach began in 2002, the city’s real estate agents were quick to piggyback onto the yearly gathering of the wealthy, using it as an occasion to showcase the city’s opulent homes for sale, and not much has changed since.
Many high-end developers and brokers sponsor events or partner with other organizations at their dinners or parties in order to connect their buildings with the art world and catch the eyes of the rich and famous (over 70,000 people are expected to attend this year).
“Art Basel Miami Beach gives real estate developers an opportunity like no other annual event. It is the one time of year where serious art collectors, investors and high net-worth individuals converge on Miami,” Emily Santangelo, a New York-based art consultant, told Mansion Global.
“The real estate industry will roll out the red carpet meeting with and inviting the art world cognoscenti into their luxury penthouses, lavish properties and pop-up sales galleries,” she said. “In fact, the pickins are so good many New York brokers will also host lavish parties along Ocean Avenue in an attempt to get the word out on upcoming projects. It is a week for deal making.”
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The home at 212 West Dilido Drive is no exception and has been put back on the market this week to take advantage of the art fair. The seven-bedroom, nine-bathroom house is now being sold with the opportunity to buy a $15 million Sanlorenzo SD112 yacht, which will be docked outside the mansion and will host a dinner for a group of high-net worth individuals, showcasing both art and the property.
The event, hosted by Sanlorenzo in collaboration with Tornabuoni Art, will be decked out with pieces by the likes of Fontana, Castellani, Burri and Scheggi, dedicated to the Italian Monochrome. The artwork, worth a total of $30 million, will all be for sale.
“We’re taking advantage of the fact that people that are coming to Miami for Art Basel to showcase the home”, Mick Duchon, a broker at Douglas Elliman, who is the joint listing agent for the property alongside Eloy Carmenate, said.
“These events create awareness for the home and we do have real qualified buyers come by,” Mr. Duchon said. “Either a buyer for the home will come to the event or if not they’ll speak to friends or colleagues about it.”
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