Spec home developer Todd Michael Glaser and the Posner Group are seeking to sell a waterfront Miami Beach estate for $169 million, after purchasing it last month for $105 million. This represents a 60 percent markup from their acquisition price.
In addition to the sale listing, the property is also available for rent at $495,000 per month.
The estate, located at 5940 North Bay Road, was previously owned by developer Sonny Kahn, a founding partner at Crescent Heights in Miami, and his wife Suzanne. The Kahns had purchased the property in 1991 for $2.4 million and invested over $30 million in two renovations. The current mansion measures 19,000 square feet with eight bedrooms and 13 bathrooms. Built in 1936, the home features a pool, new seawall, dock, and tennis court.
“The house is in very good condition,” said Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty. “It’s got all the bells and whistles.”
Glaser has indicated he may either sell or rent out the existing residence or move forward with plans to develop a larger mansion on the site. He has engaged Domo Architecture + Design to design a new 35,000-square-foot home that would include amenities such as a movie theater; wellness center with sauna, steam room and fitness center; pickleball and paddle courts; lap pool; main pool; and parking for up to 27 cars.
The lot spans nearly 500 feet deep with about 290 feet of waterfront access.
North Bay Road is known for its celebrity residents including David and Victoria Beckham, Barry Gibb of the Bee Gees, Cindy Crawford, Michael Bay and Shakira.
Recent sales have set records for land prices in Miami Beach this summer. For example, Witkoff sold a nearby waterfront property at 4766 North Bay Road for $24.3 million ($1,370 per square foot), setting a local record until Jorge Mattos sold his home on La Gorce Island earlier this month for $32.7 million (about $1,700 per square foot).
Glaser’s current asking prices make this estate both the most expensive residential property listed for sale or rent in Miami-Dade County. The next highest rental listing is a waterfront mansion at 440 South Mashta Drive in Key Biscayne priced above $433,000 per month through Gustavo Gambino of Gambino Real Estate Corp., while another three-house compound at 190 Palm Avenue is listed at $148.5 million with Fredrik Eklund of Douglas Elliman.
