Richard Meruelo, a principal of Miami-based Merco Group and CEO of Los Angeles-based Meruelo-Maddux Properties, has sold a property at 5745 Pinetree Drive in Miami Beach for $4.6M.  Meruelo and his wife, Maria, bought the real estate, an 8,600 sf Mediterranean-style manse, and adjoining lot, in 2005 for $5.6M.

5745 Pinetree Drive, Miami Beach

After purchasing the property in 2005, Meruelo built a home on the adjoining lot, 5727 Pinetree Drive, which is also listed for sale.

Merco Group built Akoya, at 6365 Collins Avenue in Miami Beach and is in the process (though construction seems to have stopped) of developing NoBe Bay, at 6700 Indian Creek Drive in Miami Beach.  Merco also owns the Deauville Hotel, 6700 Collins Avenue, and attempted to convert it to a condo-hotel in 2004.

Meruelo’s Miami Real Estate Holdings

Above: 421 Ocean Boulevard, Golden Beach

 On the residential side, Meruelo owns four oceanfront lots in Golden Beach.  Meruelo purchased 421 Ocean Blvd. in 2007 for $17M, which was the second-highest residential sale in Miami-Dade County that year.  It is currently listed for sale at $27M. 135, 137, and 145 Ocean Boulevard are also owned by the developer.

Above: 135, 137 & 145 Ocean Boulevard, Golden Beach

Above: 30 Star Island Drive, Miami Beach

30 Star Island Drive is listed for sale at $8.5M

About Kevin Tomlinson