Miami Beach Spec Home Sells for $62.5 Million

A new spec home on a gated Miami Beach island has sold for $62.5 million in one of the biggest deals on the barrier island this year, according to property records. 

The seven-bedroom home on La Gorce Island was developed by Philippe Harari’s Aquablue Group, which purchased the underlying property for less than $10 million in 2019. The modern home spans 14,060 square feet with 172 feet of water frontage along the Intracoastal Waterway and a private dock large enough to accommodate a yacht. 

The property, which was completed last year, initially hit the market for $75 million in 2022 when it was still under development. Mirce Curkoski and Albert Justo of One Sotheby’s International Realty represented the developer in the sale, which hit public records on Tuesday.

Designed by Ralph Choeff of Choeff Levy Fischman, the two-story home makes use of horizontal space, with a spacious covered entry flanked by a living green wall and with a floating pathway leading to the front door, while ribbed white oak adds a light elegance to the facade.

The home also includes 10 bathrooms, numerous indoor-outdoor balconies, a covered outdoor kitchen directly on the water and a cascading 88-foot pool. 

A big draw of the home was its location on the exclusive La Gorce Island, part of a network of islands off of Miami Beach. “It’s so beautifully manicured and pristine,” said Jill Eber of the JIlls Zeder Group at Coldwell Banker Realty, who represented the buyer along with Felise Eber and Fabio Lopez. “I just think the home really worked for the buyer. The island and the home really worked for them.”

The buyer is listed in records only as 98 La Gorce Holdings LLC. Both the buyer and seller brokers declined to disclose any additional information about the buyer. 

The price point for the home puts it in rare company. Only a few other homes have listed or sold above $50 million in Miami Beach, including another Ralph Choeff creation on Hibiscus Island that was asking $70 million in April, according to Realtor.com, though the listing has since been removed. Choeff, who has designed homes for celebrities like Alex Rodriguez, has become known for his Tropical Modern style. 

In March, a Miami penthouse went into contract for a record $120 million, and in April, Jeff Bezos reportedly closed on a $90 million mansion on Indian Creek Island—his third purchase on the island known as billionaire’s bunker.

In general, Miami’s luxury market has been reaching new heights, but new deals have been harder to come by recently. In May, there were 24 contracts signed for single-family homes above $10 million, down from 26 last May, according to a report from brokerage firm Douglas Elliman.