Spec home developer Todd Michael Glaser and the Posner Group have listed a waterfront Miami Beach estate for $169 million, following their purchase of the property for $105 million in July. This represents a 60 percent markup from their acquisition price.
The property is also available for rent at $495,000 per month.
Developer Sonny Kahn, a founding partner at Crescent Heights, and his wife Suzanne previously owned the 2.3-acre estate located at 5940 North Bay Road. The transaction between Kahn and Glaser had been in progress for about six months before closing last month. The purchase was financed by Jarrett and Sean Posner’s firm.
Glaser is considering selling or renting the existing home but is also planning to develop a new mansion on the site that could be marketed for up to $300 million.
Listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty stated: “The house is in very good condition,” Gonzalez said. “It’s got all the bells and whistles.”
Kahn reportedly spent over $30 million on two renovations of the mansion, which now spans 19,000 square feet with eight bedrooms and 13 bathrooms. Records show that the Kahns acquired the property in 1991 for $2.4 million. Built in 1936, it features amenities such as a pool, new seawall, dock, and tennis court.
Glaser has hired Domo Architecture + Design to design a proposed 35,000-square-foot mansion including facilities like 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 access.
North Bay Road has become known for 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. Nearby transactions include Witkoff’s sale of a waterfront parcel at 4766 North Bay Road for $24.3 million ($1,370 per square foot), which set a local record until Jorge Mattos sold his home at La Gorce Island for $32.7 million ($1,700 per square foot).
Currently listed asking prices make Glaser’s estate both the most expensive property for sale or rent in Miami-Dade County.
Other high-end listings include a rental at 440 South Mashta Drive in Key Biscayne priced above $433,000 per month through Gustavo Gambino of Gambino Real Estate Corp., while Fredrik Eklund of Douglas Elliman lists a three-house compound at Palm Avenue for $148.5 million.
