Iconic Properties Sells South Beach Condo to Pablo Picasso's Grandson for $3.6 Million
The price breaks down to $1,686 per square foot — a record for a nonpenthouse unit in Icon South Beach.
February 27, 2018 at 01:02 PM
2 minute read
Brokerage Iconic Properties Inc. closed the $3.6 million sale of a South Beach condo to the grandson of Spanish artist Pablo Picasso.
Frenchman Olivier Widmaier-Ruiz Picasso bought the 37th-floor unit at the Icon condominium at 450 Alton Road from Icon 3701 Corp., affiliated with Ion Varouxakis.
Brian Kulju and Arshan Borhan, the founders and principals of Iconic Properties, represented both buyer and seller in a deal that closed Jan. 10.
The unit is a 2,145-square-foot, three-bedroom home designed by Miami architect Rene Gonzalez with features such as heavy use of glass and geometric forms.
It's no surprise then that Widmaier-Ruiz Picasso was attracted to the unit since his grandfather was one of the pioneers of Cubism, an art movement defined in part by geometric shapes.
The sale price of $1,686 per square foot set a record for the highest price for a nonpenthouse unit at Icon, according to the brokers.
The brokers' travels and approach to the deal gave them a leg up in working with European clients — the seller is Greek — and helped close this deal, Borhan and Kulju said.
“We are able to understand the nuances that go with highly educated, sophisticated international buyers,” Borhan said.
That means letting a deal happen organically instead of pushing to close, he added.
And Kulju added it also means educating both the buyer and the seller, and knowing when to be patient with the clients and when to push.
“The key for us was that both seller and buyer were fully aware of market data and they both had a firm grasp of where things stood,” he said. “When really both parties were fully educated, then we pushed to make a deal.”
Miami Beach-based Iconic Properties was formed in 2010 and is a boutique brokerage for luxury residential property.
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