In the retail world, a price cut usually helps shift an item off the racks, but fashion veteran Max Azria isn’t following that mantra when it comes to real estate.
After failing to find a buyer for his Miami condo three years ago, the fashion veteran has put it back on the market with a near $2 million price increase despite a struggling high-end housing market in the city.
His apartment on the exclusive Fisher Island first appeared for sale in 2014 at $7 million, but was removed after no buyers bit only to recently resurface with an $8.9 million price tag.
You might think a renovation is behind the increase, but listing images look identical to when it was last on the market.
The five-bedroom, 5,790-square-foot apartment has white marble floors, large living and dining areas, as well as an impressive deck with views of the city and over Fisher Island to the ocean, according to the listing.
According to property records, the founder of California-based BCBG Max Azria Group LLC and his wife Lubov Azria, who was its creative director, paid $3.4 million for it in 2005.
Azria is also still trying to sell his Holmby Hills mansion known as Maison Du Soleil for $88 million, making it the fifth most expensive home for sale in Los Angeles. (The highest has a $250 million price tag.)
At the same time, the Tunisian fashion designer’s 60-room mansion is also on the market as a rental for a whopping $400,000 a month.
It was confirmed last summer that Azria had departed BCBG Max Azria Group LLC, which is filing for bankruptcy. However, on Monday he and his wife objected to the company’s proposed restructuring plan.
His brother, Serge Azria, has also been busy in the multimillion dollar real estate world. The creative force behind Joie, Equipment and Current/Elliott is selling his seven-bedroom Bel Air, Calif., mansion for $35 million.