CLIENT NEWS: Related’s Steve Patterson buys waterfront Miami Beach teardown
February 27, 2024Steve Patterson, president and CEO of a Related Group division, bought a waterfront Miami Beach teardown for $9.4 million.
Records show Patterson bought the property at 5141 Pine Tree Drive from Christian Egidio Lamont.
Darin Tansey and Lynna Weil of Douglas Elliman had the listing. Jeri Jenkins and Brian Suarez of Coldwell Banker Realty brought the buyer.
Patterson is Miami-based Related Group’s president and CEO of Related Development, the firm’s multifamily and mixed-use division, according to its website. In 2021, he bought a pair of combined condo units at the Continuum for $8.4 million.
Lamont inherited the Pine Tree Drive property from his late mother, Abilia Glass. Glass was a “sensation” performing in Miami Beach’s 1960s nightclubs under her stage name, Abi Rios, according to her obituary. Glass opened for Harry Belafonte and Sammy Davis Jr. in her heyday, and was reportedly described as “too hot to handle,” by Frank Sinatra, her obituary said. After retiring from the stage, she married Marvin Glass, the creator of Mr. Potato Head, Twister, and Etch-a-Sketch. She died in 2013.
Records do not show the date or price for which Glass bought the half-acre Pine Tree Drive property. The deed was transferred to Lamont in 2015, according to property records. The 6,250-square-foot main house was built in 1929. It includes five bedrooms and six bathrooms. The property also includes a pool, a dock and a two-bedroom guest house, according to the listing. The estate, which spans 70 feet of waterfront along the Intracoastal Waterway, was marketed as a teardown.
Lamont listed it for $15 million last year, Realtor.com shows. The asking price was dropped twice before landing at $10.3 million in December.
The sale is the latest waterfront land deal in Miami Beach, where two billionaires are in contract to buy properties. Earlier this week The Real Deal reported that billionaire media mogul Barry Diller will buy the 1.5-acre waterfront lot at 5930 North Bay Road for $45 million, and billionaire real estate investor Teddy Sagi plans to buy the waterfront teardown at 4521 Pine Tree Drive for $24 million.
