The Sandelmans, who own property in New York, bought the house through a trust, according to a representative for Compass, which represented the buyers in the deal. Mr. Sandelman is founder, CEO and chairman of Ayr Wellness, a cannabis dispensary operator that recently moved its headquarters to Miami from New York City, according to an Ayr spokesman.
Located in the Coconut Grove section of Miami, the property is known as Villa Cristina. It is one of about 10 homes in Hughes Cove, a private gated community. The Venetian palazzo-style home has more than 10,000 square feet and 482 feet of water frontage with a private dock overlooking Biscayne Bay, according to the listing description.
Ms. Sayfie said Miami property values have exploded as buyers flock from the Northeast. “Everyone wants to be in the heart of [Coconut] Grove, and it’s rare to find that much property on the water,” said Ms. Sayfie.
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