Officials say $25 million sale of South Beach condo sets record

MIAMI BEACH — A three-story penthouse with views of the Atlantic Ocean and the city of Miami has sold for a record 25 million, the Miami Herald reports.

The newspaper reports the five-bedroom condo with a private pool at 100 South Pointe Drive in South Beach recently sold to a buyer who plans to "rip everything out" and spend $2 million to finish it.

Officials say the price breaks the previous record set in January when a Miami Beach penthouse sold for $21.5 million.

The South Beach condo last sold in May 2009 for $9.9 million.

Julian Johnston represented the owner and signed an agreement not to reveal the name. Johnston says the condo was not even listed when the buyer asked to see it.

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