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 for $105 million in July. This represents a 60 percent increase from their purchase price.
The property is also available for rent at $495,000 per month.
Sonny Kahn, a founding partner at Crescent Heights, and his wife Suzanne sold the 2.3-acre estate located at 5940 North Bay Road last month. The transaction had been in progress for about six months. Jarrett and Sean Posner’s firm provided financing for the acquisition.
Glaser has options to either sell or rent the current home or proceed with plans to build a new mansion on the site that could be listed for as much as $300 million. He has engaged Domo Architecture + Design to design a proposed 35,000-square-foot residence featuring amenities such as a movie theater, wellness center with sauna and fitness facilities, pickleball and paddle courts, two pools, and parking for 27 cars.
Listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty said: “The house is in very good condition. It’s got all the bells and whistles.”
Kahn reportedly invested more than $30 million into two renovations of the now 19,000-square-foot mansion since acquiring it in 1991 for $2.4 million. Built in 1936, the property includes eight bedrooms, thirteen bathrooms, a pool, new seawall, dock, and tennis court.
The lot measures nearly 500 feet deep with approximately 290 feet of waterfront access. North Bay Road is known for celebrity residents including David and Victoria Beckham, Barry Gibb of the Bee Gees, Cindy Crawford, Michael Bay and Shakira.
Land prices have reached record levels this summer in Miami Beach. For example, Witkoff recently sold a nearby waterfront parcel at 4766 North Bay Road for $24.3 million ($1,370 per square foot), which was then surpassed by Jorge Mattos’ sale on La Gorce Island at about $1,700 per square foot.
Glaser’s listing is currently both the highest-priced property available for sale or rent in Miami-Dade County. The next most expensive rental is at 440 South Mashta Drive in Key Biscayne with an asking price above $433,000 per month through Gustavo Gambino of Gambino Real Estate Corp., while another high-end listing—a three-house compound at 190 Palm Avenue—is priced at $148.5 million with Fredrik Eklund of Douglas Elliman.
