In a significant turn of events, billionaire Russell Weiner has successfully foreclosed on the waterfront Miami Beach home of Richard and Maria Meruelo, concluding a nearly four-year legal battle over the highly coveted property located at 5101 Pine Tree Drive.
Court records indicate that Weiner’s Pine Tree Development secured the title to the Meruelo’s home earlier this month.
With an estimated net worth of around $5.2 billion, according to Forbes, Weiner’s wealth was largely amassed from the $3.9 billion sale of Rockstar to PepsiCo in 2020.
Following this recent acquisition, Weiner intends to demolish the existing home and is eyeing the creation of an extraordinary estate in Miami, boasting over 850 feet of water frontage on 4.6 acres.
“After many years of hard work and patience, we now have over 850 feet of water frontage on 4.6 acres,” Weiner remarked in a text to The Real Deal.
The journey to securing this central lot and developing the surrounding properties hasn’t been devoid of challenges.
In 2021, Weiner’s company acquired the two adjoining waterfront properties at 5011 and 5111 Pine Tree Drive for over $35 million.
Subsequently, he purchased the mortgage note on the Meruelos’ property from the previous lender, who had already initiated foreclosure proceedings for more than $6 million.
The foreclosure process was further complicated by the Meruelos’ ongoing divorce.
At one juncture, Richard Meruelo attempted to transfer ownership of 5101 Pine Tree Drive to a company controlled by his mother, Belinda Meruelo, in a deal valued at approximately $7 million, which ultimately was not recognized by the court.
As legal battles ensued, Maria Meruelo explored the option of selling the property to a spec home developer for $18.4 million.
The Meruelos initially purchased the Mediterranean-style estate for $8.5 million in 2012 from sheik Tarek Al Fassi, a member of the Saudi royal family.
After acquiring the property, the Meruelos demolished the house and opted to build a new one in its place.
Known for their real estate ventures, the Meruelo family, led by Belinda and Homero, holds a 75 percent interest in the Deauville Beach Resort site located at 6701 Collins Avenue in Miami Beach, just across the Intracoastal Waterway from Pine Tree Drive.
Richard Meruelo has also pursued development opportunities in Los Angeles.
Currently, the Meruelos are collaborating with David Martin of Terra to redevelop the oceanfront Deauville property into a multi-tower condominium and hotel project.
The family has faced scrutiny for allowing the Deauville property to fall into disrepair, leading to a judge’s order for its demolition in 2022 and accruing millions in fines.
In a recent city commission meeting, an initial reading of a development agreement was approved, mandating that the Meruelos and Martin pay $6.3 million in fines and staving off litigation with the city.
Final votes on the agreement are anticipated at the upcoming May 21 commission meeting.
As for Weiner’s plans for his newfound property, he is contemplating whether to develop it as a standalone estate or integrate it with one or both of the adjacent lots.
While ambitious plans are already in motion for the other properties, including a new 30,000-square-foot main mansion at 5011 Pine Tree Drive, construction has been ongoing since 2022.
To accommodate the new mansion, the former main house at 5011 Pine Tree Drive, built in the 1920s, was gutted and relocated within the property, an endeavor reportedly costing over $1 million.
At 5111 Pine Tree Drive, plans for a guest estate have also been laid out, with projections suggesting a total project cost exceeding $100 million.
However, Weiner’s construction efforts have raised eyebrows among neighboring residents, who voiced concerns regarding the methods employed and the preservation of historical structures.
In a recent twist, Weiner filed a lawsuit against his construction manager, claiming he was defrauded of at least $20 million through a series of misleading practices, including overbilling and false charges.
This ongoing legal battle continues to add complexity to Weiner’s ambitious development aspirations.
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