In Williams Island real estate and finance news, it has been reported that developer and art collector Martin Margulies (Bellini developer), has been able to cover an $80 million loan backed by several of his valuable paintings and the sale of two penthouses. Margulies owns a substantial art collection of modernist paintings and photography. It is reported that he put up a handful of these pieces as collateral for an $80 million loan from U.S. Trust. The Bellini tower is one of South Florida’s first condo real estate recovery developments post-collapse.
As per my Williams Island real estate source, Sydney Faye-Davis (a realtor specializing in WI real estate), the 24-story Bellini tower is near completion. THe 70-unit building is due to be ready for move-in date sometime in October.