Adonel Concrete CEO Luis García is looking to renovate Fisher Island after selling his waterfront Bay Point mansion three months ago for a record $38.5 million, real deal Learned.

Garcia invested $8.8 million Christiana Acangeli’s His apartment is located at 5275 Fisher Island Drive, according to his agent, Ana Teresa Rodriguez of Coldwell Banker Realty. He plans to spend $1.5 million renovating the unit and put it back on the market in November for $15 million, she said. Rodriguez’s own fitout team, ATR Concepts, will lead the project.

She confirmed the team started dismantling the unit today.

Arcangeli is an entrepreneur and star of Shark Tank Brazil. She is CEO of São Paulo-based Beauty’in and leads her venture capital firm, Fundo Phenix. She’s not the only Shark Tank Brazilian star to sell on Fisher Island recently.Her partner, João Appolinário, sold his apartment on the island $11.2 million last month.

Arcangeli, through Beach Tree Properties LLC, purchased the 4,900-square-foot Fisher Island condo in 2000 for $2.7 million, records show. Built in 1992, the Bayview unit spans three bedrooms, three bathrooms, and one and a half bathrooms.

5275 Fisher Island Drive
5275 Fisher Island Drive (Photo via One Sotheby’s International Realty)

Casio Galicia Podium Properties Group Coldwell Banker Realty is listed with One Sotheby’s International Realty and Jill Hertzberg of the Jills Zeder Group.

Redfin shows they first listed the unit in December 2021.

“They tried to sell it for $12 [million]- something,” Rodriguez said. “Everything has to be brand new and beautiful these days. The house looks nice but has not been updated to what is in today’s market. “

In fact, today’s luxury buyers expect turnkey properties, Rodriguez said. “I call them Uber Eats or Amazon buyers,” she said. “I saw it, I bought it, and I want to move in right away.”

Fisher Island is a private island off Miami Beach that is only accessible by ferry, yacht and helicopter. It is one of the most expensive zip codes in the United States.

Josh Coba, co-founder of the European Wax Center, $16.2 million. A Texas Tech Investor Sells His Fisher Island Unit $18.5 million In February.An energy CEO bought a condo on the island $11.2 million in October.

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