A waterfront lot on North Bay Road sold for $22.9 million, making it the latest land sale on Miami Beach’s most coveted residential street.
Records show Emanon 5851 LLC, a Florida entity managed by local attorney Mark S. Meland, bought the land at 5840 North Bay Road from a trust named for the address. Both the true buyer and seller are hidden in the sale.
Cyril Matz with Douglas Elliman brought the buyer. Zachary Vichinsky with Bespoke Real Estate and Jill Hertzberg with the Jills Zeder Group at Coldwell Banker Realty had the listing.
North Bay Road is the epicenter of Miami Beach’s luxury real estate market, and the site of a growing number of trophy deals in the area. In October, David and Victoria Beckham paid a record $72.3 million for a waterfront spec mansion on North Bay Road. Their record is expected to be broken by spec developer Todd Glaser, who is in contract to buy a 2.3-acre waterfront estate for $105 million.
This North Bay Road deal falls far short of that nine-digit price tag. The selling entity bought it for $16.5 million in 2020, according to property records. It spans 0.6-acres and 150 feet of waterfront, according to records and the listing. It is adjacent to Bee Gees member Barry Gibbs’ waterfront estate at 5820 North Bay Road. It is two doors down from the mega-mansion that Orlando Bravo, co-founder and managing partner of private equity investment firm Thoma Bravo, is building at 5800 North Bay Road.
Records show the buying entity also owns a house across the street at 5851 North Bay Road that it bought for $3.1 million in January.
The lot at 5840 North Bay Road first hit the market for $33.9 million in 2023, Realtor.com shows. It delisted last year and returned to the market asking $28.8 million in November.
The final sale price of $22.9 million is a bit pricier compared to other recent land deals on North Bay Road. Earlier this month, a waterfront teardown on half an acre sold for $22 million. Also this month, developer Andres Isaias bought a different half-acre waterfront teardown for $17 million. Last month, spec developer Philippe Harari’s AquaBlue Group paid $17.5 million for a 0.6-acre waterfront lot.
