Sleep Innovations Founder Sells Miami Penthouse for $16M

Michael Fux PenthouseMichael Fux, the founder of Sleep Innovations – the maker of Memory Foam pillows and mattresses – can sleep well tonight. His Miami penthouse just sold for $16 million…that’s $1.1 million over the asking price! The nearly 10,000 square foot penthouse comes with a rooftop pool and expansive terraces with 360 degree views of downtown Miami. It is located on the top floor of the Philippe Starck-designed ICON building on Miami Beach.

The penthouse includes a private garage for up to seven vehicles, which is a must-have for Fux, who is known for his expansive collection of some of the world’s rarest vehicles. Fux purchased the home in 2006 for $12.14 million, but unlike other homes purchased in 2006, it looks like this one held its value.

Fux emigrated from Cuba in his youth and spent most of his career in the home furnishings business. He founded Sleep Innovations in 1996, which proved to be immensely successful, with $300 million in annual sales. But Fux hasn’t spent it all on homes and cars – he donated more than a million dollars to Miami Children’s hospital to help create the Michael Fux Family Center, which has a movie theater, game room and library to help kids have a little fun while they’re at the hospital.

For more information and photos of his Miami penthouse, check out the listing details page on Redfin.com. Redfin recently opened up service in Miami, and is looking forward to the launch party on Thursday!

What do you think of his place? Could you sleep easy there?

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