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Saudi Prince Sheik Tarek Al Fassi Sells Miami Beach Mansion For $8.5 Million (PHOTOS)

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Although many of Miami's 1 percent may feel like they live like princes, we finally have a peek at how one true royal in South Florida lives.

Sheik Tarek Al Fassi, who's part of the Saudi royal family, recently sold his 10,271-square-foot Miami Beach mansion for $8.5 million. The buyer is Los Angeles developer Richard Meruelo.

The Mediterranean home, which was built in 1929, is on 2.7 acres of land that also boasts a sports field, swimming pool, gym as well as basketball and tennis courts. This prince loved his athletics.

The seller, Kenny Raymond, said it was the highest price paid for a home on Pinetree Drive, which is bordered by Indian Creek Canal. The home has 9 bedrooms, 8 baths and 180 feet of waterfront.

The property is actually on two lots -- one Al Fassi bought in 1984 for $1.3 million and the second he bought for $1.6 million in 1991.

In an unusually extensive investigative reporter piece, People Magazine profiled the high drama of the Al-Fassi family back in 1983. The article traces back to Tarek's childhood to paint him as a spoiled prince who profited off of his sister's unmarried relationship with the brother of a future Saudi king.

According to the magazine, the Al Fassis lived in a constant state of consumer one-upmanship. If one brother "chose one of anything, Tarek demanded the entire stock in identical sizes, styles and colors, as if to possess the sole rights over a model number. Once a friend inadvertently bought a shirt similar to one Tarek had found a week earlier. Furious, Tarek took all his new shirts, all the same color, and contemptuously handed them to his servants."

Click below for a glimpse inside Al Fassi's Miami Beach mansion:

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