The CEO of retail giant American Eagle, Jay Schottenstein, is looking to sell his penthouse for $33.9 million in Key Biscayne, Florida.
The newest listing, represented by Julian Johnston and Jonathan Lifschutz of Corcoran, is Schottenstein’s third attempt to sell the home in the past year, according to listing platforms.
The home hit the market in late 2024 and earlier this year with the same $33.9 million asking price.
Johnston told The Post that the previous two listings were a timing issue.
The area’s 2024 market was slower, scaffolding covered the building and the $100 million upgrades at the Ritz-Carlton next door were not yet complete.
Schottenstein combined two penthouses on the top floor to encompass more than 10,000 square feet inside, with an extra 3,000 square feet of oceanfront terraces. Luxury interior designer Geoffrey Bradfield overhauled the home’s interiors in 2017, according to Johnston.
The barrier island town sits across Biscayne Bay from Miami, with two nature parks on either side lending it a high level of privacy. The town spans a mere 1.2 square miles of land, hosting just over 14,800 residents, according to the 2020 census.
“A lot of the families get around golf carts, and they go around the back streets,” Johnston said. “So it’s very neighborhood, family-friendly.
Despite is small size, Key Biscayne boasts big prices. The coastal town’s median sales price in October totaled $2.32 million, according to Redfin, based on just 14 homes sold.
“It’s got beautiful open bay views, it’s very private, and yet it’s only 15 to 20 minutes away from Miami’s Central Business District,” Johnston said.
Other high-profile residents of past and present include Brad Pitt, Richard Nixon and Cher.
Schottenstein purchased this aerie in 2006 for $5 million, according to property records. The gallery-like residence includes four ensuite bedrooms, a chef’s kitchen, an executive office, staff quarters and extensive parking spaces.
In addition to overseeing American Eagle, Schottenstein has served as the chairman of shoe giant DSW since 2005. Schottenstein began his retail career working for his father’s Columbus, Ohio-based business, Value City Furniture. He eventually took over as head of his family’s firm, Schottenstein Stores Corporation.
The Schottenstein family’s Value City Furniture operation in Central Ohio filed for Chapter 11 bankruptcy protection a few weeks ago, Columbus outlet 614NOW reported, citing “ongoing macroeconomic headwinds.” The company is now up for sale, according to the outlet, and plans to cut more than 300 jobs.
Profits for American Eagle Outfitters, however, are humming along. Shares in the retail giant jumped as much as 4% last week when it was announced that Martha Stewart would replace the star of its divisive jeans campaign, Sydney Sweeney.
“You can’t run from fear,” Schottenstein told the Wall Street Journal of the campaign in October. “We stand behind what we did.”
Should Stewart fail to drum up equal buzz as denim delegate, there’s evidently plenty of overstock room in Schottenstein’s penthouse. The listing particularly praises its “couture-level closets worthy of a global fashion magnate.”
Schottenstein moved to a Miami Beach penthouse several years ago, according to Johnston, in order to be closer to his family.
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