That Russell Pancoast-inspired Mediterranean on Di Lido Island in Venetian Islands that was previously listed at $7.85 million sold for $4.46 million at auction with Platinum Luxury Auctions, per listing agent Nelson Gonzalez of EWM.
It was the former home of Miami Beach designer and developer John Turchin, according to The Real Deal, and had a reserve price of $3.9 million.
The Mediterranean home is just over 5,000 square feet and has five bedrooms, 5.5 bathrooms, and 60 feet of water frontage. Design accents include terracotta, travertine, oak flooring, and Italian coffered ceilings.
It originally listed for just under $10 million in October, more than double the eventual sale price.