The gallery of Brazilian artist Romero Britto in South Beach was sold for $34.5 million.
818 Lincoln Corp., a Miami-based corporation managed by Alan Levine, sold the property on May 7. 818 Lincoln Investments, a Montreal-based investment company, purchased the property from 818 Lincoln Corp. They received a $24.5 million mortgage from the seller as part of the deal.
Danny Lavy is the manager of 818 Lincoln Investments. Lavy is also the CEO of Elite Group, Inc., a household products distributor.
The 8,375 square-foot building last sold in 1993 for $335,000. The galleria, located at 818 Lincoln Road, was originally built in 1935, and is still in its original design.
Britto currently owns and operates his gallery and showroom, Britto Central, on the property being sold.
Source: therealdeal.com
Photo credit: Britto Central Gallery - therippingblog.com, Romero Britto - Oceandrive.com