Concrete Mogul Buys Shark Tank Star’s Fisher Island Condo
Luis García, CEO of Adonel Concrete, is aiming for a Fisher Island flip after selling his waterfront Bay Point mansion for a record $38.5 million three months ago, The Real Deal has learned.
García dropped $8.8 million on Cristiana Arcangeli’s condo at 5275 Fisher Island Drive, according to his broker, Ana Teresa Rodriguez of Coldwell Banker Realty. He plans to invest $1.5 million to renovate the unit and put it back on the market in November for $15 million, she said. Rodriguez’s own renovation team, ATR Concepts, will lead the project.
The team started on demolition of the unit today, she confirmed.
Arcangeli is an entrepreneur and star of Shark Tank Brazil. She is CEO of São Paulo-based Beauty’in and heads her venture capital firm, Fundo Phenix. She isn’t the only Shark Tank Brazil star to sell on Fisher Island recently. Her co-star João Appolinário sold his condo on the island for $11.2 million last month.
Records show Arcangeli, via Beach Tree Properties LLC, bought the 4,900-square-foot Fisher Island condo for $2.7 million in 2000. The Bayview unit, built in 1992, spans three bedrooms, three bathrooms, and one half-bathroom.
Cassio Galiza of Podium Realty Group at One Sotheby’s International Realty, and Jill Hertzberg of the Jills Zeder Group at Coldwell Banker Realty had the listing.
They first listed the unit in December 2021, Redfin shows.
“They were trying to sell it at $12 [million]-something,” Rodriguez said. “Nowadays everything has to be brand new and beautiful. The house looks nice, but it’s not updated to today’s market.”
In fact, Rodriguez said, luxury buyers today expect turn-key properties. “I call it the Uber Eats or Amazon buyers,” she said. “I see, and I buy, and I want to move in immediately.”
Fisher Island is a private island off Miami Beach, only accessible by ferry, yacht and helicopter. It is one of the most expensive ZIP codes in the United States.
Josh Coba, co-founder of European Wax Center, sold a Fisher Island condo in March for $16.2 million. A Texas-based tech investor sold his Fisher Island unit for $18.5 million in February. An energy CEO bought a condo on the island for $11.2 million in October.
