Miami Beach Waterfront Mansion on Pinetree Drive Faces Foreclosure

The former Miami Beach summer home of the late S.S. Kresge (original founder of K-mart) located at 4949 Pinetree Drive and designed by world famous Architect, Carlos Schoppel is facing foreclosure. According to our local ABC affiliate WPLG, it is scheduled to be auctioned later this month. In its heyday, this palatial Miami Beach waterfront estate was one of the premier single family estates in all of Miami Beach.

The 6-bedroom, 6.5 bath, 8.500-square foot home is set on two acres on Pinetree Drive and is currently listed for sale for an asking price of $9,500,000. It has a Venetian pool, guest house and all the luxuries money can buy. A true, one-of-a-kind estate featuring the largest water frontage of 670 ft. available in Miami Beach. Clay tennis court-wine cellar-marble flooring-Venetian tiled swimming pool w/2 private cabana's-2 detached guest house's-4 car garage-expansive meticulous grounds w/ marble fountains.

The estate has been owned by a former Developer's widow, who lost her husband in 2001. This is a sad case of what appears to have been predatory lending practices during the height of the real estate boom. The homeowner took out a loan on the estate that ballooned to a $50,000 monthly mortgage payment.

UPDATE: Property is still listed for sale on Multiple Listing Service for $9,500,000

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