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trust linked to Iranian-Canadian billionaire Michael Latifi purchased the PH-02 penthouse at Estates at Acqualina for $26 million. The Mialla Trust, listed under Sofina Foods' Markham, Ontario headquarters, acquired the 8,700 square foot unit from an affiliate of Jules and Eddie Trump's Trump Group. The Trumps are not related to Donald Trump.
Michael Latifi founded Sofina Foods in 1995, which has expanded through acquisitions including Mastro, Lavazza, and Lilydale. Forbes estimates Sofina generates $4.8 billion annually, with Latifi's personal net worth at $3.4 billion. His son, Nicholas Latifi, is a former Formula 1 driver.
The Estates at Acqualina complex includes two towers, a 45,000-square-foot amenities space, and the Greek restaurant Avra Miami Estiatorio. The Trump Group started construction in 2018 and closings began in 2022. High-profile buyers have flocked to the towers since then, including LeBron James, who bought a condo for $9 million in 2022.
The complex has faced construction delays, resulting in litigation between the Trump Group and general contractor Suffolk Construction. The developer fired Suffolk from the project last summer.
