Randy Frankel and Barbara Frankel , who are part-owners of the Tampa Bay Rays, sold their Miami Beach mansion for $31.5 million.
The 8,533-square-foot home at 1635 W. 22nd St. was purchased by Vandelay Homes II LLC, managed by Michael J. Arougheti , the co-founder, CEO and president of New York-based alternative investment management firm Ares Management Corp. (NYSE: ARES). JPMorgan Chase Bank provided a $21.17 million mortgage for the deal, which was listed as a second home. The price for the off-market deal equated to $3,692 a square foot.
The Frankels bought the home brand new for $14.41 million in 2020, so it more than doubled in value. That’s a reflection of the strong demand for homes in Miami Beach as there is little on the market for sale.
Situated on a 19,688-square-foot lot along the water on Sunset Islands, the home features seven bedrooms, 8.5 bathrooms, a pool and a dock.
Randy Frankel was previously a managing director of Goldman Sachs. He retired from Wall Street after being caught in the rubble of the World Trade Center in 2001. In 2004, Frankel and his partners acquired the Tampa Bay Rays. Later, he bought the Windham Mountain Ski Resort and Hotel in New York and Shinn Estate Vineyards in Long Island.
As for the buyer, Arougheti founded Ares Management in 2004. It has more than $325 billion in assets under management and about 2,100 employees.
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