Spec home developer Todd Michael Glaser and the Posner Group have listed a Miami Beach waterfront estate for sale at $169 million, just weeks after acquiring it for $105 million. The asking price reflects a 60 percent increase from the July purchase.
The property is also available for rent at $495,000 per month.
Developer Sonny Kahn, founding partner of Crescent Heights, and his wife Suzanne sold the 2.3-acre estate at 5940 North Bay Road to Glaser and the Posner Group. Jarrett and Sean Posner’s firm financed the deal, which had been in progress for about six months.
Glaser is considering multiple options for the site. He could sell or rent the existing mansion or proceed with plans to build a new spec home that could be marketed for up to $300 million. Domo Architecture + Design has been hired to design a proposed 35,000-square-foot mansion featuring amenities such as a movie theater, wellness center with sauna and steam room, fitness center, pickleball and paddle courts, lap pool, main pool, and parking for 27 cars.
Listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty stated: “The house is in very good condition. It’s got all the bells and whistles.”
According to Gonzalez, Kahn invested over $30 million in two renovations of the current 19,000-square-foot mansion since buying it in 1991 for $2.4 million. Built in 1936, the residence offers 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. 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.
Miami Beach land prices have reached record highs this summer. In recent transactions nearby on North Bay Road and La Gorce Island — including sales by Witkoff and Jorge Mattos — prices have climbed as high as $1,700 per square foot.
Glaser’s property now holds both the highest asking price for sale and rental in Miami-Dade County. The next most expensive rental listing is a Key Biscayne waterfront mansion at 440 South Mashta Drive offered at over $433,000 per month by Gustavo Gambino of Gambino Real Estate Corp., while a three-house compound at 190 Palm Avenue is on sale for $148.5 million through Fredrik Eklund of Douglas Elliman.
