ONE Sotheby's Realty in Miami closed this week on the resale of a mansion sold by singer Cher in 2006 to Sean Wolfington. The recent sale brought $10.45 million, about $2 million more than Wolfington paid.
There's a shortage of trophy properties on the market and we are seeing an increasing number of wealthy foreign buyers from Latin America and Europe looking to capitalize on the weak U.S. dollar, says Daniel De La Vega, broker of ONE Sotheby's Realty.
Associate Jorge Uribe, who listed the property, says, A lot of people told me to lower the price by 20 percent to 30 percent because everything was down, but I advised my client to be patient. In the end, the new owners paid a great price for one of the most unique properties in Miami.