Hedge fund manager Paul Wick and his wife Karin have purchased a penthouse at Vita at Coconut Grove, a recently completed luxury condominium project developed by Ugo Colombo’s CMC Group. The purchase price was $20.1 million, according to property records.
The Wicks acquired unit PH-L02 through their family trust from an affiliate of CMC Group. Paul Wick is the chief investment officer at Seligman Investments, which operates as part of Columbia Threadneedle Investments. Karin Wick works as an attorney in San Diego.
Danny Hertzberg and Nathan Zeder from the Jills Zeder Group at Coldwell Banker Realty represented the buyers in the transaction, while Alexandra Goeseke with Cervera Real Estate handled the listing. Veronica Cervera confirmed that this sale is one of ten penthouse units sold in the development.
In recent years, Miami has seen significant growth in its ultra-luxury condo market, with high demand for penthouses pushing prices higher. A penthouse under contract at Shore Club condominium in Miami Beach is set to close for $120 million, which would mark a new record for condo sales in Miami-Dade County if finalized. Last month, Nadim Ashi’s Fort Partners sold a penthouse at Seaway at the Surf Club for $86 million, currently holding the record for highest condo sale price.
Details about the Wicks’ new residence have not yet been filed publicly. However, information from Vita’s website indicates that their penthouse covers two stories and 6,700 square feet and includes four bedrooms, five bathrooms, one half-bathroom, a pool, and an outdoor kitchen.
Alexandra Goeseke explained that many buyers are attracted to condos like those at Vita because they offer “the convenience and security of a condo without sacrificing the creature comforts of a single-family home.” She added: “We wanted a house within a condo.”
Goeseke also highlighted Grove Isle’s private island status as an attractive feature: it provides enhanced security without requiring residents to take a ferry as on Fisher Island.
Vita was completed by CMC Group in December after ten years of legal disputes over its site. Bank OZK provided $239 million in construction financing last year. At completion, 85 percent of units had been presold; ten units remain available with prices ranging from $6.5 million to $22 million per penthouse.
Vita was the only luxury condominium delivered last year in Coconut Grove—a neighborhood known for strong demand for upscale homes and consistent price appreciation. Earlier this month, Shaklee CEO Roger Barnett and journalist Sloan Barnett sold their waterfront mansion nearby for $71.9 million.
