Tom Brady’s $17 million mansion is edging closer to being finished as DailyMail.com aerial photos show the main concrete frame of the property is now complete and builders are currently fitting floor-to-ceiling windows and large air conditioning units.
DailyMail.com can reveal that the famed quarterback, reportedly worth over $500 million, didn’t put anything towards the purchase of the property, but chose to take out a colossal mortgage for the full amount plus the option to borrow a further $17million.
The property on exclusive Indian Creek Island in Miami was bought in October 2020, with ex Gisele Bündchen.
When the pair split last year, Brady took on the building’s renovations while Bündchen moved on to buy her own property across the waterway.
According to the mortgage deed, the 45-year-old sport star’s home loan is with Comerica Bank through an LLC linked to a good friend of Brady’s, billionaire property mogul Jeffrey Soffer, ex-husband of Elle MacPherson.
The deal is for 20 years and, at the time, a typical homeowner’s interest rate was 2.5 per cent, meaning monthly repayments of $90,083 plus property taxes.
Before the couple announced their split in October, Bündchen paid $1.3 million for a three-bed waterfront home in Surfside, which she’s had remodeled, according to building records.
The 42-year-old then splashed out $11.5million on a five-bed, 6,600sqft property a few doors down from the smaller home and opposite her former husband’s home.
Records show that Bündchen paid for this outright with no mortgage through the Onix Trust, whose trustee is her sister Patricia Pereira.
DailyMail.com’s aerial photos show that it’s currently being revamped.
While it’s difficult to spot what renovations are being done to the front, the backyard pool is now a green color and clearly out of use, while there’s scaffolding on the main building and the garden is littered with building material.
Several of the windows and doors also appear to be boarded up.
It appears that Bündchen is yet to move into the property, which also has a gym and home theater.
The former couple had aimed to build a forever home in Miami’s Indian Creek Country Club community for themselves and their children, John Edward, 14 Benjamin, 13, and Vivian, 10.
They tore down a pre-existing 5,772sqft home on the lot and since the breakup Brady has taken on the construction of the state-of-the-art eco-friendly mansion in its place.
The total cost of the house is set to be near $30million, as they paid $17million for the land and an additional $10.12million in building costs for the custom home.
It’s not known if Brady is using the mortgage’s borrowing facility to subsidize the construction costs.
The agreement with Comerica Bank states that ‘this mortgage is given to secure not only the existing indebtedness of $17,000,000… but also such future advances up to an additional $17,00,000 as are made within 20 years.’
The 1.8-acre property encompasses three buildings – a main house, a security post and gym.
Brady’s spot seems tailor-made for the star, and will include an organic garden, a pickleball court, yoga terrace, solar panels, a cabana, main and outdoor kitchen.
Floor plans of the home obtained by the New York Post shows that it spans an enormous 17,000sqft, and includes five bedrooms and 11 bathrooms, along with an elevator, a movie theatre and a guest suite.
Indian Creek Island is dubbed ‘Billionaire’s Bunker’ because of the sheer number of celebrities and high-rollers in the vicinity, including Ivanka Trump and Jared Kushner.
Only accessible by a bridge that’s manned by a guard, the island boasts 24-hour security by land, air and sea. The 300-acre island is occupied by just 34 estates with a median value of $20million.
