Trust of jewelry designer sells Miami Beach mansion for $23M (Photos)

A trust led by jewelry designer Paul Morelli sold a waterfront mansion in Miami Beach for $22.88 million.

The Bay Holdings Trust, with Morelli as trustee, sold the 10,114-square-foot home at 2700 N. Bay Road to the 2700 What’s Next Land Trust, with Kylie Catlin Ruschioni of Boston-based JDJ Family Office Services as trustee. Julian Johnston of the Corcoran Group represented the seller in the deal, while Marko Gojanovic of One Sotheby’s International Realty worked with the buyer. The priced equated to $2,262 per square foot.

It last traded for $17.5 million in 2021, so it sold for a nice gain. That’s a reflection of the strong demand for luxury homes in Miami Beach as more wealthy people move to the area.

The home was built on the 26,773-square-foot lot in 1925, although it was expanded in 2011. It has 11 bedrooms, 12 bathrooms, three half-bathrooms, a pool, a spa, a dock, a gym, an office, a summer kitchen and a balcony. However, the real value may be the 100 feet of frontage along Biscayne Bay.

Morelli, a resident of Tiburon, California, runs the House of Paul Morelli, which creates jewelry sold at retailers such as Neiman Marcus and Bergdorf Goodman. It has a jewelry store in New York and a studio in Philadelphia.

Another trust led by Morelli still owns a mansion on Hibiscus Island.

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