Coastal Homes, the luxury custom home builder arm of Coastal Construction, sold a waterfront site on Fisher Island for $42.5 million.
Property records show Coastal Homes of South Florida sold the 1.1-acre property at 6901 Valencia Drive to Villa One Fisher, a Wyoming LLC. The true buyer is hidden.
Coastal, led by Tom Murphy Jr., declined to comment. It’s unknown if Coastal plans to develop a house for the buyer, and if that cost is included in the sale of the property. It has been on and off the market for years. In 2022, the listing described the potential for a 12,000-square-foot mansion designed by Bellin Pratt & Fuentes Architects.
The lot includes more than 340 feet of water frontage. The previous sale price for the property is not available online.
Fisher Island, a private island off the coast of Miami Beach, is known for its exclusivity. The majority of the island is made up of condo buildings. Fisher Island also has a private club, a school, golf course and beaches. It is accessible only by boat, ferry or helicopter.
Earlier this year, the mansion at 6915 Valencia Drive traded for $21 million. Guilherme Federico, CEO and portfolio manager of a Miami-based family office, bought the 9,400-square-foot home, which was built on 0.3 acres in 2007.
Billionaire French perfume mogul Jean Madar is planning six spec mansions with prices ranging from $31 million to $55 million.
The Related Group and its partners, billionaire Teddy Sagi, the Toledanos’ Aventura-based BH Group and Chicago-based Wanxiang America, are building Residences at Six Fisher Island, an ultra luxury condominium project. They secured a $400 million construction loan for the 10-story, 50-unit building last summer. It’s expected to be completed in 2026.
In a lawsuit filed earlier this year, model Karolina Kurkova and her husband, actor and broker Archie Drury, are suing the Fisher Island Club, alleging the board acted illegally and used intimidation tactics.
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