He made him an offer he couldn’t refuse!
Hedge fund billionaire Warren Lichtenstein, the founder and executive chairman of private investment firm Steel Partners Holdings, has bought a waterfront mansion on the Venetian Islands in Miami Beach for $15.5 million – but the home wasn’t even for sale at the time.
The purchase goes to show that everybody has their price – and for the owner of the 5,686-square-foot home, Myles Chefetz, the CEO of Myles Restaurant Group, his was $10 million more than he paid for it in 2013.
Restaurateur Myles Chefetz sold his home for $15.5 million to billionaire Warren Lichtenstein, founder and executive chairman of Steel Partners Holdings
Billionaire Warren G. Lichtenstein, left, made restauranteur Myles Chefetz, right an offer for his Miami mansion he couldn’t refuse
Chefetz’s 5,686-square-foot home wasn’t for sale so when Lichtenstein made him an offer he countered with a price that was $10 million more than what he paid for the mansion in 2013
The Mediterranean-style home was built in 1936 and sits on a 17,500-square-foot lot with a pool and dock
The home sits along the waterfront but also comes complete with a decent sized swimming pool as well
The two-story, six-bedroom and five-bathroom house has 100 feet of water frontage with room for am90-foot yacht
From the outdoor deck, the home looks as though it could be situated in Italy or some other Mediterranean destination
Chefetz, who bought the home in 2013 for $5.65, initially turned down the sale, according to the New York Post, but he has now almost tripled his investment.
‘The Florida housing market is insane,’ said Chefetz. ‘I didn’t want to sell it and once word got out, I had better offers for millions more. It was the perfect storm.
‘I countered at a high number, basically because I didn’t want to sell it,’ Chefetz said. ‘The broker pushed me for a counter.’
The Miami mansion was originally built on the 17,500-square-foot lot in 1936 before being expanded in 1987 and against in 2013.
The two-story Mediterranean-style villa comes complete with six bedrooms and five-and-a-half bathrooms
The bathroom offers views across the water and beachside buildings in the distance
There is plenty of marble running throughout the home together with wood beamed ceilings
An island kitchen allows for plenty of preparation space at meal times
The six bedroom, 5½ bathroom villa comes complete with a pool, a dock, a half-court basketball setup and includes a movie theater, a gym and rooftop terrace.
The home occupies a stretch along 100 foot of water with a deep water dock that would allow a 90-foot yacht to dock.
Chefetz is famous for the Prime 112 steakhouse which opened in Miami Beach in 2004, fast becoming one of the city’s most popular restaurants and celebrity hot spots. Chefetz also opened Nemo in 1995.
Other restaurants he runs include Prime Italian, Big Pink and Forte Dei Marmi which also attract celebs to the venues.
This wood paneled room make this the perfect spot for a game of pool
Shiny marble floors appear to run throughout the home together with bright white walls giving the place and airy feel
The restauranteur has lived in Miami for 25 years and will now likely live in his his three-bedroom South Beach townhouse while house hunting for a new mansion.
Lichtenstein founded Steel Partners in 1990 at age 24. The firm invests mainly in manufacturing and supply companies and also owns WebBank.
In 2015, he was ordered to pay a British heiress $367,000 in unpaid child support following an acrimonious custody battle.
Lichtenstein was told to hand over the money to Annabelle Bond and cover her legal fees and other expenses incurred during their ‘war of attrition’ which lasted for six years from 2009.
Bond is the daughter of former HSBC chairman Sir John Bond and had been demanding Lichtenstein honor the $41,428 in monthly child support awarded to her by a judge in Hong Kong.
One of the reception rooms in the home is brightly furnished thanks to white walls and a white marbled floor
The modern furnished bathroom is brightly lit thanks to some large windows and mirrors that back onto the water