Todd Glaser and the Posner Group paid $105 million for a waterfront estate in Miami Beach that Glaser plans to knock down and replace with a spec mansion asking $300 million.
Developer Sonny Kahn, a founding partner at Miami-based Crescent Heights, and his wife Suzanne sold the 2.3-acre estate at 5940 North Bay Road. The deal, in the works for about six months, closed on Monday, Glaser said. Glaser’s investor and partner, Jarrett and Sean Posner’s firm, financed the purchase. Attorney Charlie Ratner was involved in the deal, including arranging extensions.
The sale marks one of the most expensive residential deals to close this year. In March, billionaire developer Vlad Doronin sold his waterfront Star Island estate for $120 million, which holds the record for single-family home sales in Miami-Dade County. The buyer was a company led by businessman Michael Ferro.
The Kahns paid $2.4 million for their North Bay Road property in 1991, records show. The now 19,000-square-foot house was built in 1936 and later expanded. It has eight bedrooms, 13 bathrooms, three half-bathrooms, a pool, dock and tennis court. The seawall is brand new, Glaser said.
Glaser said he could also still flip the property to a buyer without redeveloping the lot, which is nearly 500 feet deep, a rarity for Miami Beach. It has about 290 feet of waterfront.
“The land itself is worth probably $150 million,” he said. “If somebody wants to buy the existing house, we’ll sell it.”
At $150 million, the 2.4-acre property would be valued at $62.5 million an acre.
Glaser tapped Domo Architecture + Design to design a 35,000-square-foot mansion, which will include a movie theater; wellness center with a sauna, steam room and fitness center; pickleball and paddle courts; a lap pool; a main pool and a 27-car understory, according to real estate agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty. He was involved in the sale and will list the spec home.
“At the end of the day, we’re only looking for one buyer,” Gonzalez said. “I feel there’s a huge demand for this. I’m pushing to get it built as quickly as possible. There are people looking here and not finding what they want, something like this.”
Property owners on North Bay Road’s waterfront have included David and Victoria Beckham, the Bee Gees’ Barry Gibb, Michael Bay and Shakira.
Last year, billionaire media mogul Barry Diller paid $45 million for the 1.5-acre waterfront lot next door at 5930 North Bay Road. Related Companies’ Bruce Beal Jr. sold the property.
On the other side of Glaser’s property, at 5970 North Bay Road, billionaire Jamie Salter, the founder, chairman and CEO of Authentic Brands Group, sold his waterfront 0.7-acre property to brand mogul Anand Khubani for $40 million. That deal closed earlier this year.
In 2024, Khubani, founder and CEO of Wayne, New Jersey-based consumer brands company Ideavillage, paid about $100 million for a 2.4-acre waterfront assemblage on La Gorce Island, also in Miami Beach, where he reportedly plans to build a waterfront home.
Nearby in Indian Creek, the waterfront 1.8-acre lot next to billionaire Jeff Bezos’ property sold in June for $105 million.
Farther north in Palm Beach, Glaser and his partners sold an island estate, the 28,618-square-foot mansion at 10 Tarpon Isle, for $152 million in May of last year. He paid $85 million for the home in 2021, and renovated and expanded the estate to include a new main mansion, a new pool and landscaping.
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