Guggenheim Partners’ chief investment officer is the latest “tax refugee” relocating to South Florida from California.

Scott Minerd, a managing partner at the global investment giant, paid $12.5 million for two penthouses at Biscayne Beach in Miami’s Edgewater neighborhood, Forbes reported. Sources confirmed Minerd plans to combine the units into a 22,547-square-foot penthouse with 16,312 square feet of interior space and the remainder terraces.

The developer, Two Roads Development, sold the entire 51st floor of the building at 2900 Northeast Seventh Avenue. The two penthouses include two swimming pools, 11 bedrooms, two elevator landings and 12 parking spaces, according to the listing.

Guggenheim Partners, based in New York, has more than $310 billion of assets under management, according to its website.

Bill Hernandez and Bryan Sereny of Douglas Elliman represented the developer, and Hernandez brought the buyer. The brokerage declined to comment on the deal.

The 51-story, 391-unit bayfront tower was built with financing from a $120 million construction loan. Two Roads completed the project in 2017.

Financial and tech executives have been buying homes in South Florida, with many relocating to the Sunshine State, especially over the past year. Tech investors Keith Rabois, Jon Oringer and Peter Thiel all bought homes in Miami Beach in 2020.

Don Mullen, the former Goldman Sachs executive who bet against the U.S. housing market in what became called “the big short,” recently paid nearly $24 million for a waterfront Sunset Island home in Miami Beach.

Source: The Real Deal

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