Billionaire Jorge Pérez Donates $10 Million Penthouse To A FL Arts Nonprofit, Criticizes Budget Cuts

Photo byGervacio Rosales, CC BY 3.0, via Wikimedia Commons

Over the past couple of years, Florida has attracted billionaires who have also relocated their businesses. I've written about how Ken Griffin moved his company Citadel to Florida and has donated around $300 million to Florida charities.

Jorge Pérez is another example. His recent real estate donation brought in millions to benefit the arts in Florida.

About Jorge Pérez: Although Pérez began his career as an urban planner, he reportedly made his fortune building affordable housing in South Florida. Eventually, he began building high-rise condos, and today, he is the chairman and CEO of Florida's The Related Group, with a reported net worth of $1.7 billion.

Pérez is passionate about both the arts and philanthropy, as Pérez Art Museum Miami was named for him and he has donated millions of dollars to the same.

The Penthouse Gift And The Beneficiary: In April of 2024, Jorge Pérez and his wife Darlene deeded their penthouse condominium to The Miami Foundation for $100. The Foundation sold the unit in June of 2024 for $10 million.

The penthouse, built in 2016, is a 3,339-square-foot condo with 4 bedrooms, 5.5 bathrooms, a private elevator entrance, and an unobstructed view of the Atlantic Ocean. It is located at 1 Collins Avenue.

The profits from the penthouse sale will go towards local arts and culture. This is not the first time the Pérez family has donated real estate to The Miami Foundation.

In the fall of 2021, they donated the proceeds from the sale of their home in Coconut Grove ($33 million) to The Foundation.

Criticism About Arts Budget Cuts In Florida: Pérez recently criticized the state's budget cuts that affected the arts, explaining:

“We want to be a serious city, and serious means that we have great education and we have great exposure to culture.”