Ari Rubenstein, founder of the financial services firm GTS, has purchased a waterfront home on Palm Island in Miami Beach for $15 million. The transaction was completed off-market, with Rubenstein and his wife, Zaily Rubenstein, acquiring the property at 112 Palm Avenue from PL Holdings. The seller is managed by George Burguillos, a shipping executive.
The purchase was financed with an $8.3 million mortgage from City National Bank of Florida.
Rubenstein established New York-based GTS in 2006 and also founded ClearList, which offers private companies an alternative to traditional stock exchanges. His first wife is Atoosa Rubenstein, former editor-in-chief of Seventeen magazine.
Property records indicate that Burguillos acquired the house for $8.6 million in 2015. Built in 1958 on a 0.7-acre waterfront lot, the residence spans 5,200 square feet and includes seven bedrooms, six bathrooms, three half-bathrooms and a pool.
This sale adds to a series of high-value transactions on Palm Island this year as demand for luxury waterfront properties remains strong in Miami Beach. In March, Richard Skelhorn bought a mansion at 40 Palm Avenue for $45 million—the highest price ever paid for a home on the island. Skelhorn commented about his purchase: “It was 1 a.m. in Dubai, had a few beers when I made the offer.”
Last year saw boxing champion Floyd Mayweather Jr., now active as a real estate investor, sell his own Palm Island mansion for $22 million. On nearby Hibiscus Island, Wade Davis—former CEO of Univision—sold his waterfront home for $31.8 million in July.
