The founder of Pompano Beach-based PetMed Express put the Miami Beach residence he bought from recording artist Enrique Iglesias back on the market with a lower asking price.
Marc Puelo listed the home for sale with One Sotheby’s International Realty for $21.5 million after another realty firm failed to find a buyer last year, when the asking price started at $24.95 million and went lower before Puelo pulled the property off the market.
Public records show that Puelo, an anesthesiologist who founded PetMed in 1996, bought the five-bedroom home on Sunset Isle I in Miami Beach from Iglesias in 2004 for $7.85 million.
PetMed is a publicly traded pet-medication delivery service listed on the NASDAQ market under ticker symbol PETS.
Puelo’s bright yellow property occupies a lot measuring about half of an acre and features 150 feet of frontage on Biscayne Bay with views of downtown Miami. A full palette of colors light up the property’s exterior at night.
The Wall Street Journal also reported that the Latin pop star’s former residence comes with a guest house, an outdoor kitchen with a cover, a swimming pool that overlooks the bay, and a private dock.
Puelo told the Journal he has spent more than $4 million on improvements to the property, which spans about 6,700 square feet.
One Sotheby’s International agent Mirce Curkoski, who shares the listing for the residence with colleague Albert Justo, told the Journal the luxury home market has slowed since the Puelo initially put it on the market in 2015. [Wall Street Journal] – Mike Seemuth