Spec home developer Todd Michael Glaser and the Posner Group are seeking to sell a waterfront Miami Beach estate for $169 million, following their purchase of the property for $105 million in July. This asking price represents a 60 percent increase over their acquisition cost.
In addition to selling, the owners have listed the property 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 sold the 2.3-acre property last month after about six months of negotiations. Glaser’s investor and partner Jarrett and Sean Posner’s firm provided financing for the purchase.
Glaser is considering either selling or renting out the existing mansion or moving forward with plans to develop a new spec mansion that could be listed for $300 million. He has engaged Domo Architecture + Design to design a 35,000-square-foot residence featuring amenities such as a movie theater, wellness center with sauna and fitness facilities, pickleball and paddle courts, lap pool, main pool, and space for 27 cars.
Listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty said Kahn invested more than $30 million in two renovations of the current 19,000-square-foot mansion. The home includes eight bedrooms and thirteen bathrooms. According to records, the Kahns purchased the property in 1991 for $2.4 million; it was originally built in 1936 and now features a pool, new seawall, dock, and tennis court.
“The house is in very good condition,” Gonzalez said. “It’s got all the bells and whistles.”
The lot measures nearly 500 feet deep with approximately 290 feet of waterfront access.
North Bay Road is known as an area favored by celebrities 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. For example, nearby on North Bay Road a waterfront property at 4766 North Bay Road sold for $24.3 million—or about $1,370 per square foot—which set a record price per square foot for land in Miami Beach until another sale on La Gorce Island surpassed it at roughly $1,700 per square foot earlier this month.
Currently listed at both its sale and rental prices, Glaser’s property is the most expensive listing in Miami-Dade County for both categories. The next highest-priced rental is a waterfront mansion at 440 South Mashta Drive in Key Biscayne listed at over $433,000 per month. The second most expensive home for sale is a three-house compound on Palm Avenue offered at $148.5 million.
