Published by The Real Deal South Florida, April 26, 2021
A trust linked to jewelry designer Paul Morelli purchased a waterfront mansion on North Bay Road on April 13, 2021, a month after buying a Waterfront Home on Hibiscus Island for $11.5 Million.
Morelli, as trustee of The Bay Holdings Trust, bought the home at 2700 North Bay Road for $17.5 million. The sellers were Louis J. Puig, the manager of LP Holding and the former owner of South Beach nightclub Club Space, and his wife, Corinne, records show. According to the listing, the 10,114-square-foot house has 11 bedrooms, 12 full bathrooms and three half-bathrooms. The property also features a pool, dock with a boat lift, a guest house, a 3-Car Garage, a gym and Balcony. The property includes 100 feet of water frontage on a 0.6-acre lot.
Morelli is the owner of The House of Paul Morelli, which has a studio in Philadelphia and a boutique in New York City, according to its website. His jewelry is also sold at retailers across the country, including Neiman Marcus.
Seller Louis Puig bought the North Bay Road property in 2006 for $5.3 million, records show. He added his wife to the deed in 2014. Starting in 2007, Puig made several alterations to the house, including adding a bedroom, second story and guest house. Julian Johnston of the Corcoran Group brokered the deal.
Waterfront homes on North Bay Road have been in demand throughout the pandemic. Most recently, a principal at a commercial real estate company spent $18.3 million for a home; a waterfront teardown sold for $8.3 million; and spec home developer Todd Michael Glaser bought Billy Joel’s former waterfront property for $5 million.