Hotelier and developer Alan Faena has sold his historic Miami waterfront estate, known as Villa Crono Estate, for $24 million in an off-market transaction. The buyer, Andrew Schwartzberg, is a developer specializing in affordable housing. The sale was finalized in June 2026, according to property records.

Located at 4731 Pine Tree Drive, the Mediterranean Revival mansion dates back to 1927 and sits on just under one acre of land. Faena acquired the property in 2014 for $10.3 million and undertook extensive renovations to restore and transform the home. The estate served as Faena’s personal residence until the recent sale.

The compound comprises a five-bedroom main house and a four-bedroom guest house, together totaling approximately 10,057 square feet. It features a grand courtyard, multiple terraces, a resort-style pool, and a dock that overlooks the Indian Creek canal, offering partial views of the ocean.

The main residence includes a foyer leading to a grand salon with canal views, a second living room, formal dining room, and a chef’s kitchen. The master suite and four additional bedrooms each have en-suite bathrooms. The guest house is equipped with a gym and steam room. Architectural details such as high ceilings, fireplaces, hand-painted beamed ceilings, arched windows, and terrazzo floors have been preserved as part of the restoration.

The interiors showcase Faena’s distinct aesthetic, characterized by bold red hues, animal prints, and textured finishes, while maintaining the villa’s original features. The outdoor spaces are designed to complement the tropical landscaping and support an indoor-outdoor lifestyle.

The property was represented by brokers Jennifer Raines Peltz and Jordan Karp of Jordan Karp LLC, with Meredith Verona of Corcoran also involved. Jordan Karp represented Faena in the transaction.