Lloyd Blankfein And The "Mega-Wealthy" Are Rushing To Buy Into This $1 Billion Miami Condo

Tyler Durden's picture

What do you do if you have more money than you can ever spend, and own residences in most major metropolises around the world. You invest in the most exclusive "third" (or fourth, or fifth) vacation "house" that can be purchased by people for whom money is no object, such as the $1 billion Faena Miami Beach, which has lined up as buyers none other than the creme of the (bailed out courtesy of a multi-trillion ongoing taxpayer bailout) Wall Street crop including Apollo's Leon Black, and of course Goldman's very own resident of a duplex in 15 CPW, Lloyd Blankfein. The Faena oceanfront development for the megarich is financed by another billionaire, chairman of Access Industries, Len Blavatnik, whose $16.1 billion net worth puts him 49th in the Bloomberg Billionaires index.

What is it? Bloomberg covers the bases:

The project will feature an 18-story tower with 47 residences priced at $3 million to $50 million, two luxury hotels and an arts center designed by Pritzker Architecture Prize winner Rem Koolhaas.


Faena’s residential tower, designed by Norman Foster’s Foster + Partners, also has attracted New York dealer Larry Gagosian among the buyers, according to the people.


Some residences will have 20-foot ceilings to accommodate large artworks, and many buyers requested to install special film in the windows to protect the art from direct sunlight, he said.


Anchored by the historic Surf Club, where Winston Churchill came to paint and Frank Sinatra and Elizabeth Taylor came to play, it will include a five-star hotel and two 12-story residential buildings designed by another Pritzker winner, Richard Meier. The Surf Club Hotel & Residences will be Meier’s first project in Miami, he said at a Dec. 5 poolside brunch celebrating the development.


The 8-acre (3.2 hectare) project includes more than 800 feet (244 meters) of beach, according to developer Nadim Achi. The 150 units will include nine penthouses, each with a private garden and a swimming pool. Three of the penthouses have sold for prices from $20 million to $25 million, he said.


The mega-wealthy are looking for exclusivity, service and design,” Achi said, drinking bottled water at a cabana overlooking the ocean and a giant construction pit. “A lot of buyers who are deciding to make Miami their second or third residence came through Art Basel.”


“Miami real estate is on steroids,” said Mera Rubell, a local art collector who attended the Faena dinner. “The fantasy is about the community. But what are the chances all these billionaires will show up at the same time?”

From the building's website:

  • Architecture and interiors designed by Foster+Partners
  • Porte-cochère entrance with travertine paved drive
  • Dramatic 27’ triple height lobby defined by polished black concrete fin walls
  • Floor-to-ceiling window wall systems with wide, custom designed and engineered sliding panels
  • Lobby walls in polished architectural concrete with blackened steel finish on all lobby doors
  • Tranquil pools through the lobby area into the surrounding landscape
  • Lobby and elevator flooring in polished stone
  • Three passenger elevators with interiors in Bendheim glass and Japanese silk paper running at 500 feet per minute
  • Dedicated service elevator running at 350 feet per minute

Interior Features

  • Atlantic Ocean, bay and city panoramas through floor-to-ceiling glass
  • Private or semi-private elevator vestibules
  • Service entrances in 2 to 5 bedroom homes
  • 10?-6? Ceiling Heights, 11?  or 13? in Penthouses
  • Entry foyers with stone flooring and teak entry doors
  • Master bathrooms with double sink vanities, separate bathtubs and glass showers
  • Morning Kitchens in master bedrooms of all penthouses
  • Laundry Rooms with full sized side-by-side washer and dryers in most residences
  • Choice of flooring: White Venetian Terrazzo or 8? Light White Oak
  • Fan coil system with multiple zones to maintain better temperature and humidity control
  • Integrated motorized blinds in dual tone fabric throughout residences
  • Trapex door handles designed by Foster+Partners
  • Trufig flush-mounted electric fixtures
  • Optional Staff Quarters

Grand Scale

  • Interiors range from 1,307 to 4,730 sq ft (121.4 to 439.4 sq m)
  • Aleros range from 420 to 1,516 sq ft (39.0 to 140.8 sq m)
  • Half floor Penthouses range from 4,243 to 6,399 sq ft (394.2 to 594.5 sq m)
  • Half floor Aleros range from 2,727 to 3,887 sq ft (253 to 361 sq m)

Penthouse Features

  • Total Living 18,253 sq ft (1695.8 sq m)
  • Indoor 8,273 sq ft (768.6 sq m)
  • Alero 7,299 sq ft (678.1 sq m)
  • Private Rooftop with pool 2,681 sq ft (249.1 sq m)

And the punchline from none other than Blavatnik, wearing his best salesman outfit:

“I remind you, there are very few apartments left,” he told the crowd from a stage. “Hurry.”

Hurry indeed, before the music stops, the Fed's liquidity tide recedes, and people start asking questions.

In the meantime, this is what Lloyd and company will buy with the Fed's "wealth effect."

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One And Only's picture

A fucking condo?

A billion dollars and a fucking condo? I hope a homeless man sneaks in and cums on you.

idea_hamster's picture

The thing to keep in mind with Florida real estate (for the wealthy) is that once you establish FL residency, if you wind up in personal bankruptcy, it happens in FL under FL property rules.

One of those rules was (the last time I checked) that no matter how much you owe, you can always keep one “homestead” – a residence of any value.

That means that by owning this condo (if it’s your primary residence) even if you lose everything else, you can exit Chapter 7 with a cool billion in assets.


“Hey – Mortimer – we’re back!”

Occident Mortal's picture

This doesn't impress me it's hardly the Palace of Versailles.

N57Mike's picture

Florida has the trifecta ...no personal income tax, no estate tax and liberal bankruptcy protection yes you can shield your homestead in bankruptcy ... These laws are a holdover from the pioneer days when we were trying to attract people to come and establish residency

wintermute's picture

Global warming will have that sucker under water soon enough,


FEDbuster's picture

Are the glass walls bulletproof?

TruthInSunshine's picture

If they're accepting payment in bitcoin, I'm in for the Penthouse unit, and I'll buy a parking space for my bitcoin paid-for Tesla S, too.

Oh, I almost forgot, I would like a British Butler named Jeeves who is of the utmost refinement, and who accepts bitcoin as his wage.

DoChenRollingBearing's picture

 @ Occident Mortal

Does not impress me either for billionaires.  

One thing we've learned about condo living is that when rich guys want to drill and make other construction noise, all that noise can drive you out of your mind!

And each billionaire will want it his way...  "No!  I want the stairway like THIS!"  "I don't like those tiles, take 'em out!"  Drill baby, drill.  Wake up everybody else, mofos, shake the whole building...

It will serve them right when the guy who buys the penthouse ruins life for the other billionaires for 6 months, ha ha ha!

Chupacabra-322's picture

You're absolutely right as I live in South Miami Dade FL. Why do you suppose OJ Simpson resided here as well as other Criminals?

Is it ever a wonder the Criminals have "Drilled" in Downtown Miami. Headquarters of the Criminal Banksters.

Miami-Dade County seems to have become a staging ground in preparation of a militarized police state. The latest event was reported on by The Miami-Herald when a scene right out of the movie Conspiracy Theory led residents to start Tweeting about “pitch black” military helicopters dropping men onto buildings, including the Bank of America building, beginning around 9:15 p.m. as witnessed in the video below:


dick cheneys ghost's picture

In Tel Aviv, one can live right on Rothschilds Blvd........imagine that


''The Rothschild family descends from Mayer Amschel Rothschild - a court Jew to the Landgraves of Hesse-Kassel who began his banking business in the 1760s.

Rothschild established an international banking dynasty through his five sons, and eventually made the family one of the most powerful of the era.

Many of the family have been elevated to members of nobility, especially in Austria.

During the 19th century the Rothschild family was believed to have the largest private fortune in the world.''


Pladizow's picture

OJ chose Fl because annuities are creditor protected by statute.

Also, the black hawk helicopter drills occurred in several other states, including texas - FEMA Bitches!

SafelyGraze's picture

a duplex?



loyd loyd loyd

eveyrbody on wallst is laughing

not laughing at you though .. just laughing at the situation




my_nym's picture

Leave it to people that literally seem to be Luciferians to try to play god with the root of all evil after the sacred six million died in a sacrifice/holocaust made by the fires in which a "right of return" was forged.

They have a street named after them?  Cute. 

matrix2012's picture

The Federal Reserve Cartel: The Eight Families

By Dean Henderson

(Part One of a Five-part series)

The Four Horsemen of Banking (Bank of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.

According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.[1]

So who then are the stockholders in these money center banks?

This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe.

One important repository for the wealth of the global oligarchy that owns these bank holding companies is US Trust Corporation - founded in 1853 and now owned by Bank of America. A recent US Trust Corporate Director and Honorary Trustee was Walter Rothschild. Other directors included Daniel Davison of JP Morgan Chase, Richard Tucker of Exxon Mobil, Daniel Roberts of Citigroup and Marshall Schwartz of Morgan Stanley. [2]


LEFT HOOK by Dean Henderson

Handful of Dust's picture

Unless Juston Beeper lives there, I'm not impressed.

FEDbuster's picture

He and Lady Gaga are splitting a two bedroom.

Tim_'s picture

U.S. Army drills in Texas City, La Marque (February 13, 2013)

"'This is an Army exercise to test their equipment,' La Marque Police Chief Randall Aragon said. 'The area resembles a theater of operation they might be using. We want the community to understand that if they see a helicopter flying over their rooftops in this area, to not be alarmed.'"

"Army spokesman Larry Jackson said the operation would not disrupt the day-to-day activities of residents."

"'We pose no threat to the public,' Jackson said. 'Let me be clear that this isn't urban assault training. We are a small group of folks, doing some activities.'"

"Jackson declined to say what type of training would be involved in the operation."

Army drill scares residents on Houston's south side (January 28, 2013)

"The sight of Army helicopters and the sound of gunfire created a lot of concern Monday afternoon in one Houston neighborhood."

"The U.S. Army along with other agencies took over the old Carnegie Vanguard High School near Scott and Airport. There were armed men in fatigues, plenty of weapons and what many thought were real live rounds."

"I felt like I was in a warzone.' Jerrals said. 'It was nonstop. I was terrified.'"

KTRK-TV in Houston, Texas

Raw Footage

Don’t mind the helicopters, it’s just practice, Miami-Dade police say (January 21, 2013)

"Miami-Dade police sent out a warning Monday that multiple police agencies would be providing support for a joint military training exercise somewhere over Miami and elsewhere in the county. The exercise will include the use of military helicopters."

WSVN-TV in Miami, Florida

Raw Footage

WSVN-TV in Coconut Grove, FL (May 8, 2012)

"A joint drill between military and police in South Florida involving troops storming a building in the middle of the night was characterized by local media coverage not as a frightening example of how Americans are being acclimatized to accept a state of martial law but as a 'cool tourist story'."

"Panic-stricken residents in Coconut Grove were awoken at 1am to the sound of simulated gunfire and explosions as military helicopters hovered over buildings and dispatched troops to the ground."


Secret military maneuvers OK'd by Little Rock, Arkansas mayor (November 20, 2011)

"Kathy—-the military exercise last night was a training exercise for the same military unit that captured and killed Osama Bin Laden. These type of missions are critical which is why we agreed to participate at the military's request. The owner of the old VA hospital also agreed."

"Navy Seal operations over the old VA hospital on Roosevelt Road? I don't know if this included activities beyond hovering, such as dropping down by ropes to objectives on the ground. Anybody who spotted this is invited to report. Is it unreasonable to think that military operations over populated neighborhoods — even by top-secret military units — might cause a little concern to a populace not informed such was underway? When last we checked, the old VA was owned by a controversial evangelist Bill Gothard, who ran the Institute for Basic Life Principles there. It was described as a prison training program."

Memorandum for Little Rock, AK Police Department

Military Training Exercises to Take Place In and Around Boston (July 25, 2011)

"Joint federal military training exercises will take place within and around the Boston area between July 26th and August 5th."

Military buzzes Boston buildings (August 4, 2011)

"Military helicopters flying low over the city last night were part of an ongoing training exercise, officials said. The choppers were taking part in Special Operations Command training when they buzzed between building tops with lights out around the Financial District between 9 p.m. and 11:10 p.m., said military public affairs officer Kim Tiscione."

Raw Footage (August 3, 2011)

Military helicopter exercise startles downtown Brickell residents (April 20, 2011)

"Residents in the neighborhood saw and heard several military-style, 'pitch-black' helicopters flying around and hovering on top of Brickell buildings Tuesday night and early Wednesday morning. Turns out that it was a training exercise by Miami-Dade police's SE Regional Domestic Security Task Force. In other words, a Homeland Security operation, that few other authorities apparently knew about, including the U.S. Coast Guard."

"It all began about 9:15 p.m. Tuesday, when at least three large Black Hawk-like choppers landed in a parking lot of the Adrienne Arsht Center for the Performing Arts on Biscayne Boulevard and 14th Street. The choppers then charged over the Brickell and Miami river area. Men who appeared to be SWAT team members were also seen taking part in the exercise."

"A Miami police spokesman said the helicopters were conducting an 'operational' training drill. He was not allowed to comment on details of the drill."

Raw Footage

Diogenes's picture

Not so "top secret" now are they? If they get away with this there is no limit to what they can do to you... O ya that's what I said when they started groping your wives and chilldren in airports and ordered so called free Americans to shelter in place in Boston.

In a minute some airhead will come along and start talking about how Americans will rise in their might when  TSHTF, never noticing the smell that has pervaded the air since 9/11.

Xibalba's picture

I hope it washes away in the next hurricane season

willwork4food's picture

If they chose to redevelop then it would be great for the construction crew. But it would add to construction products inflation which is tied into just about everything.

Wahooo's picture

Just post about 1,000 flyers in Miami saying this is where you should go for free SNAP cards, obamaphones, and Kobe Prelude Vs on January 1. That'll fuck em up for good.

krispkritter's picture

Yep.  Remember Bilzerian?  I had a friend who replastered his walls after they knocked a hole in a couple to drive his cars inside the house to keep them away from the IRS, etc.  They ultimately got to him via the wife but not sure how it all worked out.  Where there's a Will, there's a way.  http://www.sptimes.com/2006/04/14/Hillsborough/Bilzerian_mansion_sta.shtml  Also, as a 'head of household' your wages cannot be attached to the point of losing everything.  Florida does have some advantages.  I just wish I could buy alloidal title to my 'bit of heaven'.

Pladizow's picture

allodial title is a modern day myth!

Things that go bump's picture

Yah, that's what the very small, very old man in a very big car said when he hit my uncle and put him in a wheelchair.

frankTHE COIN's picture

I think they are saying the Total value of the building is 1 billion once you add up all the individual condo's.
I think 15 Central Park West was worth $ 1. 6 billion.

thesoothsayer's picture

Federal law now has a lookback period of a little over 4 years, and only like $500,000 per couple is protected.  Must be in the property over 44 months or something like that before it is fully protected.

Idiocracy's picture

billion is the whole condo value, not the individual residence within.  Max 50 million

FL_Conservative's picture

I'm glad its going to someone who could really use it.  Would hate to see the fucker destitute.

ZH Snob's picture

where's a good tsunami when you need one?

sunaJ's picture

While ownership of said condo may indicate that you are in "the club," you still have to pay the goddammned million $ monthly HOA fee. 

The things you own end up owning you.  Here is a property development that demonstrates our wholly-owned political process by those who have benefited from it.  You cannot expect such owned souls to have any sort of concern about what suffering their way of life may cause, or what is in the best interest of a nation.  And the band played on...


FeralSerf's picture

No problemo. The taxpayers, savers and pensioners will pick up the tabs for the HOA just as they are paying (through the nose) for these white elephants.

These are the REAL welfare recipients in America.

NFisher's picture

Are you reading it or just want to be first to post? shit.

Joe Sixpack's picture
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ironmace's picture

I wish I could up arrow 100. I was thinking the same thing.


only not the homeless cum part.

Grande Tetons's picture

I think the homeless cum part added a certain nuance and flare that is rarely delivered in modern prose.  

Two palms up! Way up! 

wintermute's picture

..also delivered with homeless fromage frais!

markar's picture

I think the$ billion is the price tag for the whole project. Didn't see any 1 unit going for more than $50mil--obscene enough tho.

Things that go bump's picture

Imagine how awful it will be to own one of those $50mil units and have to share your beach and other amenities with some riff raff who could only afford a $3mil unit.

Nothing but the truth.'s picture

Fuck all those bankers and their excessive money and conspicuous fucking consumption. Their days of TBTF are coming to an end.

putaipan's picture

calling henry george .....

rubiconsolutions's picture

Gordon Gecko -

"The point is, ladies and gentleman, that greed -- for lack of a better word -- is good.

Greed is right.

Greed works.

Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.

Greed, in all of its forms -- greed for life, for money, for love, knowledge -- has marked the upward surge of mankind.

And greed -- you mark my words -- will not only save Teldar Paper, but that other malfunctioning corporation called the USA."

[Not to mention, greed will buy a really bitchin' condo in Miami]