Beauty entrepreneur Frank Toskan has sold two adjacent waterfront homes in Miami Beach for a total of $31.9 million. Property records indicate the homes, located at 1833 and 1839 West 24th Street, were purchased by 3339 Sunset LLC, a Florida entity connected to the Eighteen Sunset building on Purdy Avenue in Miami Beach, where Ares Management recently opened an office.
Annie De La Rosa of Douglas Elliman was responsible for listing the properties.
Toskan is known as the co-founder of Mac Cosmetics, which he established with Frank Angelo in 1984. The brand is credited with bringing vibrant color palettes to cosmetics and changing industry standards. Estée Lauder acquired Mac Cosmetics during the 1990s.
According to property records, Toskan acquired both homes on Sunset Island III in separate deals totaling $20.3 million in 2021. The combined properties cover about 0.6 acres.
The assemblage consists of one house measuring approximately 6,700 square feet with three bedrooms and five bathrooms that sold for $14.3 million, and another house measuring about 4,200 square feet with five bedrooms and five bathrooms that sold for $17.7 million. Both homes include pools and docks.
Zillow listings show the properties were originally listed together for $36.6 million.
This sale follows other significant transactions on Miami Beach’s Sunset Islands this season. Earlier this month, restaurateur Barton G. Weiss sold his mansion for $29.3 million, while architect Chad Oppenheim’s home went pending at an asking price of $27 million in November. In October, investor Edmond Harbour bought his neighbor’s property for $34 million, bringing his total investment on the islands to $60.5 million.
High-value real estate sales continue to be a feature of South Florida’s luxury market segment, which is dominated by cash buyers. Last year saw a 58 percent increase in single-family home sales over $30 million and a 37.5 percent rise in condo sales above $20 million within Miami-Dade County; these high-end transactions represent only a small portion of overall activity, totaling just 19 single-family home sales and 11 condo sales at those price points.
