Fat cats are buying up Miami’s 8-figure ‘bargain’ homes
Was Miami’s luxury housing undervalued? Billionaires think so.
In July, Jackie and Mike Bezos, the parents of the Amazon founder, bagged a brace of waterfront Coral Gables mansions, paying $34 million and $44 million for the neighboring homes, for a total spend of $78 million.
Then in September, hedgie Ken Griffin topped his own single-family record, dropping $106.87 million on an estate in Coconut Grove, the most ever paid for a home in Miami-Dade County.
The move came just three months after he announced that he would be relocating his Chicago-based fund, Citadel, to Coconut Grove (bringing scores of ultra-well-heeled homebuyers to the area), and a year after, he paid a then-record $75 million for a Star Island playpen.
“I’ve always said that this is the most underpriced real estate in the world,” said Sean Murphy, co-president of Coastal Construction Group, who has built many of the single-family mansions now seeing record prices for the likes of Oprah, Jerry Bruckheimer and architect Peter Marino. “These numbers look big, but it’s actually crazy what you get for your money here. You look at the lack of state taxes, the weather, the nightlife and the restaurant scene, and it all makes sense.”
Now, a new wave of super-priced, turnkey Miami housing is turning billionaire heads.
“These numbers look big, but it’s actually crazy what you get for your money here. You look at the lack of state taxes, the weather, the nightlife and the restaurant scene, and it all makes sense.”
Sean Murphy, co-president of Coastal Construction Group
In June, 355 Ocean Blvd. on Golden Beach hit the market asking $100 million. It sits on a 1.5-acre lot with 250 feet of ocean frontage and boasts 32,000 square feet of interior space, with nine bedrooms and more than 14 bathrooms.
“This is the largest oceanfront single-family residence in Miami-Dade County,” says Douglas Elliman’s Dina Goldentayer, noting that the “decorator ready” home comes with an approved permit allowing the new owner to move in, less than two years after finishing the estimated $15 million to $20 million interior build out. “We’ve already had one offer, but I’m talking to a new billionaire every week.”
She shares the listing — which has amenities including a wine cellar, home theater, bowling alley, spa and gym — with Ryan Serhant and his eponymous firm.
Meanwhile, in Griffin’s new hood, 3080 Munroe Drive, aka Villa Positano, has hit the market asking a whopping $48 million.
This prime piece of Citadel bait is three stories and 10,220 square feet, with five bedrooms and more than five bathrooms.
Set on 300 feet of waterfront, it comes with “Caribbean style” 12-foot-wide terraces, a “Roman style” atrium and a vaulted carport, according to the listing from Elena Bluntzer with One Sotheby’s International Realty.
Looking for something big on style that won’t take years of reno? Check out 4217 S. Ocean Blvd. in Highland Beach.
Asking a mere $25 million, after listing in October, the 9,052-square-foot, six-bedroom, eight-bathroom beachfront mansion is tricked out with “Renaissance-style architecture,” according to the listing from Chad Carroll of Compass, and comes with artwork from a Belgian castle, a historic Italian fireplace, Louis XIV carved and gilded armchairs, a Steinway grand piano from 1890, an original Brunswick Monarch billiards table from 1880, and a collection of 100-plus oil paintings, sculptures and chandeliers.
Now, that’s a package ready-made for a master of the universe.
