La Gorce home of late Dan Paul sells for $7.4M
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Barbara Hansen, a cousin of Paul, who died from complications of Parkinson’s disease in January, approved the sale of the 40 La Gorce Circle estate to Cramer, former executive producer of the 1980s hit “Dynasty.” The $893 per square foot sale closed on June 8 and was recorded in Miami-Dade County property records on June 11.
The bayfront property sold three days before prominent developer Todd Glaser sold a nearby mansion at 88 La Gorce Circle for $16 million to German company Okto. That was the most expensive Miami-Dade County residential transaction of 2010.
Hansen did not not return calls for comment before deadline.
Both La Gorce Island sales signal an uptick in high-end residential deals, said broker Jill Hertzberg of Coldwell Banker. Hertzberg and Jill Eber represented the Paul estate in the 40 La Gorce sale.
“What’s happening is buyers that have been waiting for the moment to buy are finding the moment is now,” Hertzberg said. “The best of the best is being bought right now. There are tremendous opportunities to own the best properties at an excellent value.”
The 40 La Gorce home, originally listed at $7.9 million, was on the market for only eight days before Cramer and domestic partner Hubert Bush made their offer, Hertzberg said. Interest from potential buyers was strong for one of only a handful of homes with open views of Biscayne Bay.
“This is one of those properties people wanted when it wasn’t listed,” she said.
The two-story, six-bedroom home was built in 1937 on 0.53 of an acre, according to Miami-Dade County records. Paul took title to the home in 1993 in a transaction valued at $10 . The home was previously owned by David Paul, who was chairman of the failed CenTrust Bank in the 1980s and early 1990s.
David Paul and Dan Paul are not related.
Dan Paul substantially renovated the 73-year-old home during his ownership, Hertzberg said. But more improvements are expected from Cramer and Bush.
Cramer could not be reached for comment.
Both Paul and Cramer are prominent names in their respective fields.
Anyone who took a First Amendment class in college is familiar with Paul, who represented the Miami Herald in a landmark 1974 Supreme Court case, Miami Herald Publishing Co. v. Tornillo. In the case, the court ruled that the government could not control what a newspaper publishes about political candidates. The ruling overturned a Florida statute that newspapers in the state had to give a “right to reply” to political candidates.
Paul, who was 85 when he died in January, also represented the Wall Street Journal, NBC, the Miami Dolphins and several environmental organizations.
Paul was a longtime member of the Board of Overseers at Harvard University, where he completed undergraduate studies and earned law and master’s degrees. In 2001 Harvard created the Daniel Paul Professorship at the John F. Kennedy School of Government.
Paul’s alma mater was listed as one of the beneficiaries of his estate, so the brokers had to negotiate with university officials to finalize the sale, Eber said.
Cramer’s name is synonymous with broadcasting.
An executive at ABC and 20th Century Fox during the 1960s, Cramer started his own production company in 1971 before teaming up with celebrated producer Aaron Spelling for 15 years, according to the Internet Movie Database. Besides “Dynasty,” Cramer produced more than 100 television movies and one feature film.
Also a successful modern art collector who sits on the boards of several museums, Cramer amassed a fortune of more than $300 million at its peak.