The Wall Street Journal
January 24, 2014
Louis Vuitton CEO Michael Burke Buys In Miami Beach For $11.7 Million
By Candace Taylor
The following excerpt appeared as part of a bigger story on private properties worldwide
Michael Burke, chairman and chief executive of the fashion house Louis Vuitton, closed this week on an $11.7 million home on Allison Island in Miami Beach, according to listing agent Kevin Tomlinson of One Sotheby's International Realty.
With a private dock, pool, guesthouse and tennis court, the 1-acre property was listed about six months ago for $13 million, Mr. Tomlinson said. Near the tip of Allison Island, the waterfront property has views of nearby La Gorce Island.
Mr. Burke, who was represented by David Lombardi of Lombardi Properties, plans to build a new home on the site, Mr. Lombardi said. The existing house is already in the process of being demolished. Mr. Burke declined to comment.
The deal is the highest residential sale price to date on Allison Island, a gated community, Mr. Tomlinson said. Home prices there have traditionally been less expensive than areas such as Star Island and North Bay Road, Mr. Tomlinson said, "but with land at such a premium, Allison Island has been surging."
Mr. Lombardi said the property was attractive because it has about 200 feet of waterfront, which is larger than most lots have.
The sellers, Frank and Phyllis Bramson, had lived there for more than 35 years. Mr. Bramson, a retired general contractor and real-estate investor, said he and his wife are downsizing now that their children are grown.
The existing house on the site was built in 1962, Mr. Bramson said, and the idea to demolish it was his.
He had started the process before the property was sold. "If I hadn't torn it down, somebody else would have," he said.