Former Centrust Chairman’s Miami Beach Home Sold

The Miami Beach home of Centrusts former chairman David Paul was sold for $30 million, said EWM Realty International.

At $30 million, this represents the highest-priced home ever sold on La Gorce Island, and is tied for the third most expensive sale ever in Miami-Dade County, according to MLS records.

The buyer of this property is a European corporation. The seller, 1418518 Ontario Inc., purchased the property in March 2001 for $12.45 million.

Coldwell Bankers Jill Eber was the listing agent.

The home has 11 bedrooms, 14 full baths and three half-baths. There is approximately 349 feet of Biscayne Bay water frontage, yacht dockage and several aerial shots of the Miami skyline. The property is 70,914 square feet.

Paul was one of the biggest felons during the 1980s thrift crisis. He was convicted in 1993 of 68 counts of tax fraud, obstruction of justice or misapplication of bank funds, and then also pleaded guilty to 29 counts of securities violations. Besides being sentenced to an 11-year prison term, Paul was ordered to pay more than $50 million in restitution.

As part of his scheme, Paul siphoned $3.2 million in Centrust assets to improve his real estate property, such as illegally seeking various construction approvals to build three large boat docks behind his house.

This is a stunning estate, said EWM Realty international producer Esther Percal. It is one of the most unique properties on the Eastern Seaboard.

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