Woodkirk Stone
The Miami Beach property was recently purchased by a slime toy maker (Corcoran, Getty)
A former Time Warner executive sold his waterfront home in the Venetian Islands to the owner of a toy-making company – whose products include slime kits – for $ 18.5 million.
Records show that Paul T. Cappuccio sold the house at 27 East Dilido Drive in Miami Beach to Roshan Wijerama.
Cappuccio was executive vice president and general counsel of Time Warner from 2001 until AT&T bought the media conglomerate for $ 85 billion in 2018. Cappuccio received a buyout of $ 26.7 million, according to CNN. He is now vice president of DTX Company, a marketing company in New York City, under Bloomberg Law.
Wijerama is the owner and president of Horizon Group USA, based in Warren, New Jersey. According to its website, the company is the nation’s leading supplier of craft components and activity kits, including its slime brand SlimyGloop. Its products are sold on Amazon, and at Target and Walmart, among other stores.
Records show Wijerama also owns a penthouse at 1 Hotel & Homes South Beach, which he bought in 2018 for $ 6.4 million.
Cappuccio bought the recently sold property for $ 2.7 million in 2004, according to records.
He initially listed the house in 2011 for $ 5 million. Records show that Cappuccio applied to build a new home on the property in 2014, and that it was completed in 2015. The home was re-listed in 2019 with an asking price of $ 15 million. . The most recent asking price was $ 20 million in June.
Julian Johnston of the Corcoran group negotiated the deal.
Property records show the 7,167 square foot home has six bedrooms and seven and a half bathrooms. The 13,408 square foot lot includes a swimming pool and private dock with boat lift, according to the listing.
Sales on the Venetian Islands have been strong in recent months. Most recently, in June, “Full House” creator Jeff Franklin purchased waterfront land on the Venetian Islands for $ 35.5 million. In May, a former self-storage CEO sold a waterfront house for $ 18.4 million, and a Turkish aquaculture tycoon sold a waterfront property for 6.3 millions of dollars.