Lions Gate chairman drops $13.5M for Faena House unit
Mark Rachesky sold part of his shares in the company for $320M in April
September 22, 2015 09:45AMBy Katherine Kallergis
Renderings of Faena House
The chairman of Lions Gate Entertainment spent $13.5 million on a unit at the recently completed Faena House, Miami-Dade County records show.
Mark Rachesky, also head of the $6 billion investment firm MHR Fund Management, is joining a handful of big names buying at the tower: the chairman and CEO of Goldman Sachs, Lloyd Blankfein, and Jose F. Fanjul Jr., of Florida Crystals and Domino Sugar.
Rachesky closed on unit 11-BD, according to a deed filed on Monday in county records. In April, he sold about 20 percent of his holdings, or 10 million shares in the entertainment company, for $320 million. His stake in Lions Gate went from 36 percent to 28 percent, Variety reported at the time.
Faena House marks the first of four planned oceanfront condo towers in the ultra-luxury project, which stretches from 3200 to 3500 Collins Avenue in Miami Beach. The 18-story tower, in the 3300 block of Collins Avenue, began recording closings on Sept. 3. Presales for the project sold out in April 2014.
Next is the Faena Hotel Residence, formerly the Saxony Hotel, which will include 13 penthouse residences. In April, developer Alan Faena announced the addition of two condo towers to his complex in Mid-Miami Beach: Faena Versailles Contemporary with 41 units and the Faena Versailles Classic with 22 units — in the 3400 block of Collins Avenue.
Source: The Real Deal