Lennar exec sells Aventura mansion for $12M (Photos)

Lennar exec sells Aventura mansion for $12M (Photos)

Eric Feder , the president of the LENx venture capital arm of Lennar Corp. (NYSE: LEN), along with his wife Elizabeth Feder sold an Aventura mansion for $11.9 million.

The 7,796-square-foot home along the water at 4042 Island Estates Drive was purchased by 40 40 Island Estates LLC, managed by Hillel Shohet in Great Neck, New York along with Europa Directors Limited, based in Gibraltar. The price equated to $1,526 a square foot.

Chad Carroll of the Carroll Group at Compass, who represented the seller in the deal, said it was a record price for the both the Island Estates neighborhood and the city of Aventura. Island Estates is an island connected to Aventura by a bridge.

The Feders purchased the home for $4.1 million in 2007, so it nearly tripled in value. That’s a reflection of the strong demand for waterfront homes in Miami-Dade County, and Aventura being a desirable place to live with the Aventura Mall and its many restaurants and the golf course at Turnberry Isle Country Club.

The home was built on the 18,257-square-foot site in 2001. It features five bedrooms, six bathrooms, two half-bathrooms, a pool, a summer kitchen, a movie room, a balcony, and two deeded docks, one with a lift large enough for a 20,000-pound boat.

Feder was previously vice chairman of Miami Beach-based Rialto Capital, which often works with Lennar. He’s also on the board of Hippo Insurance and the Sylvester Comprehensive Cancer Center at the University of Miami.

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