A sumptuous penthouse in Miami, Florida connected to former retirement living mogul Réal Bouclin has been put up for sale for US$54.5 million ($74.5 million).
• Read also: The dismantling of Groupe Sélection has begun in order to reduce its debt by more than a billion
“Don’t miss this unique opportunity to own the pinnacle of South Beach luxury,” describes a listing supporting the sale on the Redfin website.
The listing specifies that the penthouse is located in a building designed by the famous designer Philippe Starck in an exclusive area of the city.
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The Quebecer placed himself under the protection of the bankruptcy and insolvency law in August, with debts of $160 million.
A trust
Contacted, a publicist for Mr. Bouclin, Victor Henriquez, indicated that he had no comment to make about the sale of the condo. However, he added that to his knowledge the property was held by a trust and therefore had no direct link with Mr. Bouclin. The owner is The Bouclin Family Cross Border Irrevocable Trust.
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Two vice-presidents of Groupe Sélection (Bouclin’s company) act as trustees of the trust, according to documents consulted.
Pierre Marchand, the trustee in charge of the businessman’s insolvency proceedings, did not return a call to the Journal.
Réal Bouclin, Businessman
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Bouclin’s company is one of those that benefited the most from Quebec’s aid during the pandemic, receiving $120 million from the Concerted Action Program (PACTE).
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A year ago, it protected itself from its creditors under the Companies’ Creditors Arrangement Act.
Banks then criticized the businessman for having had a princely lifestyle, paid for from his company’s cash flow.
A document cited by La Presse reported, among other things, expenses for a private jet of up to $190,000 per month, and payments to spoil loved ones totaling $1.5 million monthly.
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Three floors
The unit of Mr. Bouclin, who is the former spouse of actress and businesswoman Caroline Néron, is spread over three levels and is described as nothing less than a masterpiece.
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It features a private elevator and offers 360-degree views of downtown Miami, the ocean, the bay and the beach.
“Enjoy an 11,000 square foot summit oasis with a rooftop salt pool and two levels of terraces perfect for lavish gatherings or quiet times,” the description continues.
The unit has six bedrooms, 7.5 bathrooms, two family rooms, a wine cellar, plenty of storage space and six parking spaces.
“It’s more than a condo, it’s a statement of prestige and sophistication,” they say.
Who is Réal Bouclin?
- Former director of the Préfontaine Center, a treatment center for drug addicts
- Founder of Groupe Sélection in 1989, a retirement residence company
- In 2018, Lesaffaires estimated the value of Bouclin’s company’s real estate assets at $3 billion.
- The company then owned 36 residences, totaling 9,214 apartments
The descent into Hell
- In November 2022, Groupe Sélection places itself under the protection of the Companies’ Creditors Arrangement Act (LACC)
- Creditors say they have lost confidence in the company’s management and question its governance
- In August 2023, Réal Bouclin places himself under the protection of the law on bankruptcy and insolvency
- The Press reveals at the end of August that Corev Immobilier is positioning itself to recover the remaining assets of Groupe Sélection