Trust of financial executive buys Coconut Grove penthouse for $18 million (Photos)

A trust managed by Penne Silverman, a veteran executive who is currently managing director of Penchant Holdings in Miami, paid $17.5 million for a penthouse at Two Park Grove in Miami’s Coconut Grove.

Daniel J. Hughes, a co-founder of Pennsylvania-based retail property brokerage Metro Commercial, and wife Beth Ann Hughes sold the 5,834-square-foot UPH-A at 2821 S. Bayshore Drive to the Penchant 2821 PH Land Trust, with Silverman as trustee. JPMorgan Chase Bank provided a $13.125 million mortgage to the buyer.

Jessica Adams with One Sotheby’s International Realty represented the seller in the deal, while Angelina Escorcia of Luxe Properties worked with the buyer. The price equated to $3,000 per square foot, which Adams said was a record for a Coconut Grove condo.

Developed in 2018, the penthouse last traded for $10 million in 2021, so it had a big gain in value.

It features five bedrooms, six bathrooms, two half bathrooms, 12-feet ceilings, a steam sauna, a home office, and a 4,000-square-foot private roof deck with a pool, heated spa and summer kitchen.

Silverman was previously the CFO of Highshore Holdings in California. Before that, she was chief of staff at the Society to Improve Diagnosis in Medicine.

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