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1500 Ocean Drive: Mavericks, Magnates and…Disgraced Russian Lawmakers?
by , April 25, 2013
What do Dallas Mavericks owner Mark Cuban, oil magnate Tim Headington, and ex-Russian Parliamentarian Vladimir Pekhtin have in common? If you guessed ownership of a residence at 1500 Ocean Drive in Miami, you win a cookie. Well known as the Michael Graves Building, after its acclaimed architect, the condominium complex has been drawn into the international spotlight as it was recently unearthed that a founding member of Russia’s ruling party was forced to resign after it was uncovered that he didn’t report the property as an asset in his parliamentary declarations. The resignation was embarrassing to the Kremlin as critics of the sitting Russian government often accuse officials of hiding their wealth through offshore holdings.
While the international press may have introduced a bit of negative press for the property, the complex is widely acknowledged as one of Michael Graves’ finest works. Completed in the mid-1990s, Graves was at the center of the building’s ad campaign and reached such extreme recognition that he went on to launch an exclusive housewares collection at Target. The exposure brought on by the ad campaign and his lucrative collaboration with Target firmly established him as one of the most recognizable architects in the world.
Graves’ love of Gesamtkunstwerk (“artistic synthesis,” in German) design, surely played a role in attracting the attention of Pekhtin, whose condo at 1500 Ocean Drive is one of three he owns in Miami and cost the former ethics committee chairman a cool $1.3 million. The condo is part of a larger collection of secret properties purchased by Pekhtin both in Russia and abroad. Though he insists he did not violate the law, Pekhtin succumbed to political pressure and stepped down from his post in February.
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| Vladimir Pekhtin | 1500 Ocean Drive | Mark Cuban |
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Despite shifting toward a buyer's market, Miami Beach ended 2024 on a strong note. In Q4, sales momentum surpassed projections, with both annual and quarterly volumes increasing. While some segments saw slight price pressure, there were no signs of a major downturn. Highlights on this report include Fisher Island emerging as the strongest market in Miami Beach with the highest year-over-year sales growth in Q4, while Mid-North Beach topped annual sales trends. Fisher Island remained South Florida's most expensive zip code for luxury condos, both quarterly and annually. Meanwhile, the modest Mid-North Beach market was the fastest-moving in Q4. Dive into our in-depth analysis for year-over-year insights on how each Miami Beach neighborhood performed against one another and the broader Miami luxury condo market in Q4 and throughout 2024. For this report, Miami Beach sub-neighborhoods include South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island. Also, this luxury condo submarket report only features properties priced at $1 million and above.
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