Bigwig real estate developer Richard Meruelo of Miami-based Merco Group and CEO of Los Angeles-based Meruelo-Maddux Properties has sold his Miami Beach real estate property at 5745 Pinetree Drive for $4.6 million. Meruelo and his wife, Maria, bought the 8,600 Mediterranean-style mansion and adjoining lot for $5.6 million in 2005.
Merco Group also built Akoya, at 6365 Collins Avenue in Miami Beach, and is in the process of developing NoBe Bay, at 6700 Indian Creek Drive in Miami Beach. Additionally, Merco owns the Deauville Hotel, 6700 Collins Avenue, and attempted to convert it to a condo-hotel in 2004.
Outside of Miami, Richard Meruelo has control over more total acreage in Los Angeles than almost any other landowner in the area with a total of more than 5 million square feet of land and 50 properties.