Looks like Louis Vuitton pays its employees well.
Michael Burke, the CEO of Louis Vuitton has reportedly purchased a $11.7 million home on Allison Island, Miami Beach.
The Wall Street Journal broke the news of the sale. The estate was listed for $13 million, but Burke seems to have snagged a discount on the deal. This is apparently the most expensive deal to have gone down in the history of Allison Island.
Burke was represented by Kevin Tomlinson of One Sotheby's International Realty. The Fashion giant's CEO reportedly wants to build a new residence on the lot. Demolition has already started on the existing residence.
The lot is an attractive piece of property. It allows for about 200 square feet of water front view, which is larger than almost all the properties in the area. Not much intel is available about the property.
Allison Island is ideal for boating enthusiasts and most of the properties have water-frontage. In the last six months, the average selling price for single family homes in the area was around $5.9 million, according to the statistics provided by One Sotheby's Realty.
Michael Burke has served as CEO of Louis Vuitton since 2011. He has 20 years of experience in management and has worked in top positions at several famous brands like Fendi, Bulgari and Christian Dior Couture.
Burke will probably build a fancy vacation home for himself on his newly purchased plot.
Meanwhile, Louis Vuitton just opened one of its most impressive retail stores in London. Located on Oxford Street the 'store-in-store' Townhouse in Selfridges is a concept venue designed by Japan based architect, Gwenaël Nicolas. The store opened in November 2013.
The most striking feature of the store: A spiral hourglass shaped glass lift that looks straight out of a scene from 'Charlie and the Chocolate Factory'!
"For a moment you forget where you are and enjoy the ride," Nicolas said of the lift to The Standard.
Check out photos of the store, here.
