Spec home developer Todd Michael Glaser and the Posner Group have listed a waterfront estate in Miami Beach for $169 million, seeking a significant return after purchasing the property for $105 million in July. This marks an increase of about 60 percent over their acquisition price.
In addition to the sale listing, the estate is also available for rent at $495,000 per month.
The property at 5940 North Bay Road was previously owned by developer Sonny Kahn, a founding partner at Crescent Heights, and his wife Suzanne. The Kahns sold the 2.3-acre estate last month after owning it since 1991. The deal had been under negotiation for approximately six months before closing, with Jarrett and Sean Posner’s firm financing the purchase.
Listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty stated that Kahn invested more than $30 million in two renovations of the mansion, which now spans 19,000 square feet with eight bedrooms and 13 bathrooms. “The house is in very good condition,” Gonzalez said. “It’s got all the bells and whistles.” Built in 1936, features include a pool, new seawall, dock, and tennis court.
Glaser has indicated he may either sell or rent out the existing home or proceed with plans to develop a larger spec mansion on the site. He has hired Domo Architecture + Design to design a new 35,000-square-foot residence that would feature amenities such as a movie theater; wellness center with sauna, steam room and fitness area; pickleball and paddle courts; lap pool; main pool; and parking for up to 27 cars.
The lot measures nearly 500 feet deep with about 290 feet of waterfront access.
North Bay Road has become known for attracting high-profile buyers including David and Victoria Beckham, Barry Gibb of the Bee Gees, Cindy Crawford, Michael Bay and Shakira. Land values in Miami Beach have reached record levels this summer as shown by recent sales nearby: Witkoff sold a waterfront parcel at 4766 North Bay Road for $24.3 million ($1,370 per square foot), setting a local record until Jorge Mattos sold his La Gorce Island home for $32.7 million (about $1,700 per square foot).
Currently Glaser’s property holds both the highest asking price for purchase and rental in Miami-Dade County. The next most expensive rental listing is a waterfront mansion at 440 South Mashta Drive in Key Biscayne offered at over $433,000 per month through Gustavo Gambino of Gambino Real Estate Corp., while the second priciest home sale offering is a three-house compound at 190 Palm Avenue listed for $148.5 million by Fredrik Eklund of Douglas Elliman’s Eklund-Gomes Team.
