South Beach Condo Sells For Record $25 Million

The five-bedroom condo with a private pool is located at 100 South Pointe Drive in South Beach

A three-story penthouse with views of the Atlantic Ocean and the city of Miami has sold for a record $25 million.

The five-bedroom condo with a private pool at 100 South Pointe Drive in South Beach recently sold to a buyer who plans to "rip everything out" and spend $2 million to finish it, The Miami Herald reported.

Officials say the price breaks the previous record set in January when a Miami Beach penthouse sold for $21.5 million.

The South Beach condo last sold in May 2009 for $9.9 million.

Julian Johnston represented the owner and signed an agreement not to reveal the name. Johnston says the condo was not even listed when the buyer asked to see it.

Copyright AP - Associated Press
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