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Capponi Group Luxury Properties Breaks Record with Sale of Sunset Island Spec Home.

Nets Highest Price for Existing, Non-Waterfront Miami Beach Property

MIAMI BEACH, Fla. -- Michael Capponi, one of Miami's most respected and well-known hospitality entrepreneurs, known for setting records in event promotion, is now setting records in the real estate market. Capponi, Principal of The Capponi Group, which specializes in the development of high-end, luxury single-family homes, has set a Miami Beach record with the $4.3 million sale of a Sunset Island II home, the highest price ever recorded for an existing, non-waterfront property.

The renovated three-story, 9,600 sq. ft. residence, located on a 13,000 sq. ft. lot at 2501 Bay Avenue, Miami Beach, has seven bedrooms, four full bathrooms, two powder rooms, a large formal dining room, and a loft-like living room with 25-foot ceilings and bay views. It features Caribbean overtones throughout and contains a separate family room with mahogany built-ins, an entertainment complex with a large movie theatre, a wine cellar room, wet bar, billiard room and gym. The house also boasts a six-car garage, maid's quarters, his and her walk-in closets, a gourmet kitchen and a swimming pool.

Erin Henry of SOL Sotheby's International Realty was the listing agent.

Capponi used his creative talents and celebrity contacts and applied them to the luxury residential real estate market, catapulting him in a booming real estate market. "This sale proves that as long as a project is unique and notable, it will sell," Capponi said. "Miami's appeal is extremely strong, not only as an internationally sought after vacation spot, but also as a desired city to call home."

Capponi, a name that is synonymous with South Beach nightlife, is recognized as one of the driving creative forces behind Miami's emergence as an international destination. His nightlife ventures range from Wednesdays at Glass, Thursdays at The Victor Hotel, Fridays at Prive, and Saturdays at Mansion.

Capponi Group Luxury Properties is a division of The Capponi Group, which specializes and emphasizes the construction and renovation of unique high-end, single-family luxury homes. All properties are exclusively listed by SOL Sotheby's International Realty. For more information please visit www.CapponiGroup.com.
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Publication:Business Wire
Date:Oct 23, 2006
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