Extravagant Homes Give Way: Miami's Rich Elite Are Acquiring Exclusive Estate Complexes.
Miami's Elite Homeowners Expand Their Territory
Miami, Florida, is attracting the world's wealthiest individuals who are planting roots in the city and expanding their living spaces. Notable figures such as Enrique Iglesias and Anna Kournikova, Anand Khubani, and Lino Saputo's family office are among those increasing their footprint in the city.
Enrique Iglesias and Anna Kournikova have quietly added neighboring homes and lots to their Bay Point home, pushing their total footprint to approximately 2.5 acres. Similarly, Anand Khubani spent around $100 million on three parcels on La Gorce Island. A company linked to Canadian mogul Lino Saputo's family office paid $16.5 million for a teardown home on Allison Island and owns the property next door, effectively doubling the plot.
Developer Fatos Rosenberg made headlines by selling a 1.7-acre estate for a record-breaking $85.2 million in Bay Point. Jeff Bezos has also invested more than $200 million on three properties on Indian Creek, Miami's so-called Billionaire Bunker.
The trend of creating super-compounds isn't limited to Miami; it is also happening in Aspen, the Hamptons, and Los Angeles, among other places. In Miami, these super-compounds stretch across streets, islands, and waterfronts. For instance, across the bay, two properties have been reimagined into a private oasis with seven bedrooms, a cabana, a home theater, a gym, and Biscayne Bay views.
Buyers in Miami Beach are highly sought after when a chance comes to build a mega-estate due to the limited waterfront lots. On North Bay Road, an unknown buyer purchased a vacant lot for $24.3 million, which is Miami Beach's priciest land sale per square foot, and another house next door for $29.5 million, with plans to merge them into one mega-estate.
Some buyers are piecing together multiple condo units, creating palatial vertical estates with hotel-level amenities at Witkoff's The Shore Club Private Collection. Norma-Jean Callahan, who leads sales for the Witkoff portfolio at Douglas Elliman Development Marketing, notes that Miami has become a place where the world's wealthiest are planting roots.
Sara Colombo, wife of developer Ugo Colombo, recently grabbed a waterfront home for $23.5 million in Bay Point. Miami's wealthiest buyers are increasingly creating super-compounds by purchasing surrounding properties. Eric Schmidt has spent a combined $114 million buying up at least five adjacent homes on the Sunset Islands since 2020.
The search results do not provide the name of the buyer who purchased a house on Allison Island in Miami Beach on March 24, 2023, for $16.5 million and also owns the neighboring property. The trend among UHNWIs (Ultra High Net Worth Individuals) is driven by a combination of status symbol, lifestyle upgrade, and investment strategy.
The Indigo at Vie L'Ven and A Car Collector's Dream Home are featured listings. The former is an oceanfront residence in Indigo Bay, Sint Maarten, priced at $2,724,800 USD. The latter is a property in Vail, CO, priced at $27,000,000 USD. Both are listed as featured listings.
Bay Point, a guard-gated enclave north of the western terminus of the Julia Tuttle Causeway, has become one of the hottest markets this year. As Miami continues to attract the world's elite, the city's real estate market is expected to remain competitive.
