An oceanfront penthouse in Miami Beach is in contract for a staggering sum exceeding $120 million.
If sealed at this price, the deal would shatter previous records and secure its position as the most expensive condominium ever sold in the Miami area, according to the Wall Street Journal.
Located in the prestigious Shore Club Private Collection, this luxurious unit boasts an expansive 10,500 square feet of living space, complemented by an additional 7,500 square feet of terraces and a private rooftop pool.
The buyer’s identity remains unknown. Developers the Witkoff Group and Monroe Capital did not respond to the Journal’s request for comment.
Serial real estate record-breaker Ken Griffin, the billionaire hedge-fund titan, set the most recent condo record in Miami in 2015, when he paid $60 million for two penthouses at Argentine developer Alan Faena’s Faena House. Griffin has since sold those units for $46.2 million.
Notably, in 2022, Griffin acquired Adrienne Arsht’s waterfront estate in Miami’s Coconut Grove for a staggering $106.87 million, marking the city’s first-ever nine-figure residential sale.
This new monumental sale signals an unprecedented surge in the city’s luxury real estate market, with wealthy individuals vying for their own slice of paradise.
The Shore Club redevelopment project has been years in the making, involving the transformation of two iconic hotels — the Shore Club hotel dating back to the 1940s and the historic Cromwell Hotel, a gem of Art Deco architecture from the 1930s.
Crafted by the esteemed Robert A.M. Stern Architects, the development will offer 49 residences spread across the original Cromwell Hotel and a new, towering structure rising 200 feet above the beach.
Additionally, a standalone mansion facing the ocean and a lavish five-star resort operated by Auberge Resorts Collection are set to grace the premises.
Sales commenced early last year, with prices ranging from approximately $6 million to a jaw-dropping $40 million, excluding the crown jewel penthouse. Anticipation is high for the project’s completion in 2026.
Kobi Karp Architecture & Interior Design collaborated with RAMSA on the architecture. The interiors, being handled by RAMSA, will have a yacht-inspired aesthetic, featuring a soothing color palette reminiscent of the surrounding natural elements.
Douglas Elliman Development Marketing is handling sales and marketing.
Miami’s allure as a haven for the affluent has only intensified during the COVID era, with a steady influx of wealthy individuals from the Northeast seeking refuge in the Sunshine State.
As the city’s luxury market continues to soar, developers are capitalizing on this trend by unveiling a slew of high-priced offerings. They include the eagerly anticipated Aman Miami Beach and the revitalization of the historic Raleigh Hotel led by a consortium spearheaded by New York-based developer SHVO, where a penthouse is currently listed for $150 million.
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