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Filed under: Estates
Over the past couple years we touched on the rise and fall of music producer Scott Storch. His Miami home was eventually foreclosed on as part of his financial meltdown. Now Russ Weiner, the CEO of Rockstar Energy drink has announced that he is the new owner of Villa Ferrari, Storch's former 20,000 square foot home on Palm Island. The mansion has a 100 foot boat dock, 11 bedrooms, 15 bathrooms, 3 guest houses and two pools. Last summer we learned that after Storch declared bankruptcy, SunTrust bank, which held two mortgages worth a combined $7.75 million against the property, bought the property back at auction on for $5.5 million. Storch had bought the home for $10.5 million but it had been listed for $13.9 million. Alex Shay found that SunTrust sold the property to Weiner Russell Trust for $6.75 million. According to Shay the house was, like many homes that have gone through a prolonged foreclosure, not in great shape and that renovation is needed. Still, the price is a bit of a steal for the size and location.
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