The CEO allegedly at the center of Brazil’s latest banking scandal quietly amassed a portfolio of luxury homes in Miami — reinforcing the familiar truth that there’s always a Florida connection to a major news story.
Daniel Vorcaro led and was the largest shareholder of Banco Master, which Brazil’s central bank shut down earlier this month. Brazilian authorities allege the Rio de Janeiro-based bank created fake credit operations that were then sold to Banco de Brasília SA, as part of a multibillion-dollar fraud. Officials arrested Vorcaro on Nov. 18 as part of their investigation into the bank.
Vorcaro, who is dating fitness and fashion influencer Martha Graeff, is linked to the ownership of at least two condos and two homes in Miami, acquired between 2023 and early 2025, according to sources and property records. He was living the high life, often sporting Rolex or Patek Philippe watches, dining at top restaurants, flying private and hosting elaborate parties, Bloomberg reports.
Vorcaro’s biggest purchase in Miami is the 20,500-square-foot mansion at 4445 and 4425 Sabal Palm Road in Miami’s gated Bay Point neighborhood. A Delaware LLC paid $85.2 million for the waterfront estate in January, a record for Bay Point. A month later, the same LLC paid $6.9 million for the non-waterfront house across the street at 4430 Sabal Palm Road.
Construction is underway on the waterfront house — a demolition permit was issued in August, and permits for new construction were issued in September. The 1.7-acre lot has 400 feet of bay frontage and two docks.
If he is charged and convicted, it’s unknown what would happen to the Miami properties, which also include a condo at Asia on Brickell Key and a penthouse at Missoni Baia in Edgewater. Vorcaro was still in custody as of Wednesday.
Banco Master has another Miami connection. Last year, it leased 26,000 square feet at 830 Brickell in Miami for $190 per square foot in rent, a record for Florida. That office is now empty.
What we’re thinking about: Miami Art Week starts on Monday. We’ll have a story on how the real estate industry plans to court buyers this week. Are you doing anything special? Send me a note at kk@therealdeal.com.
CLOSING TIME
Residential: Surfclub 11 LLC purchased a penthouse at 9149 Collins Avenue, the Seaway North at The Surf Club, for $86 million. Miami-based Fort Partners, led by Nadim Ashi, developed the property.
Commercial: The Comras Company paid $130.8 million for a portfolio of stores along Lincoln Road and Lincoln Lane in Miami Beach. New York-based Morgan Stanley sold the properties.
— Research by Mary Diduch
NEW TO THE MARKET
Joel Weinshanker, who leads a national collectible association and is the managing partner of Elvis Presley Enterprises, is looking to sell his waterfront mansion at 360 South Hibiscus Drive in Miami Beach for $49.5 million. The more than 12,000-square-foot home, with seven bedrooms and eight bathrooms, was designed by Argent Design and architect Kobi Karp. It’s on the market with Devin Kay of Douglas Elliman’s Exclusive Group.
A thing we’ve learned:
West Palm Beach saw luxury home prices rise 187 percent from a decade ago, the fastest growth of any major U.S. metro, according to Redfin. The median price of luxury homes in West Palm Beach is now just over $4 million.
Elsewhere in Florida
- The Department of Homeland Security announced that Temporary Protected Status for Haitians will end in early February, potentially forcing more than half a million Haitians to return to a country plagued by gang-controlled neighborhoods and high levels of hunger, according to the Miami Herald.
- A Tampa photojournalist was arrested while covering a protest outside of the Immigration and Customs Enforcement facility in south Miami-Dade, despite wearing visible press credentials and telling police officers he was not part of the protest, the Tampa Bay Times reports.
- Florida’s state-backed insurer Citizens Property Insurance has seen its policy count fall to about 439,000, the lowest level since 2019. Officials expect it to fall further, to roughly 385,000 by the end of the year. Private insurers have been taking over policies through what is known as the state’s depopulation program, News Service of Florida reports.