Spec home developer Todd Michael Glaser and the Posner Group have listed a waterfront Miami Beach estate for sale at $169 million, just weeks after purchasing it for $105 million in July. This represents a 60 percent markup on the property, which 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 of Crescent Heights and his wife, Suzanne. The Kahns had acquired the property in 1991 for $2.4 million and invested over $30 million in two renovations. The current mansion spans 19,000 square feet with eight bedrooms and 13 bathrooms. Built in 1936, it features amenities such as 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 that he may either sell or rent the existing home or proceed with plans to build a new spec mansion on the site. He has hired Domo Architecture + Design to design a proposed 35,000-square-foot residence featuring a movie theater; wellness center with sauna, steam room and fitness center; pickleball and paddle courts; lap pool; main pool; and space for up to 27 cars.
The lot measures nearly 500 feet deep with approximately 290 feet of waterfront. 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.
Land prices in Miami Beach have reached record levels this summer. A nearby sale at 4766 North Bay Road set a price record at $1,370 per square foot before being surpassed by another transaction on La Gorce Island at about $1,700 per square foot.
The asking price for Glaser’s property is currently the highest both for purchase and rental listings in Miami-Dade County. The next most expensive rental is listed at more than $433,000 per month at 440 South Mashta Drive in Key Biscayne. The second highest-priced home for sale is a three-house compound on Palm Avenue offered at $148.5 million.
