The strength of the market is reflected in the prices being paid for the properties on the market. The Miami-Dade County in Miami has created a new record by registering for $47 million which makes it the most expensive house in the county. The real estate market was hit the hardest by the economic downturn and the prices haven’t yet regained the pre crisis peaks but they are climbing steadily. This 30,000 sq ft mansion was originally listed for $60 million and was later scaled down to $52 million but the records that were made public recently reveal that an unnamed foreign buyer bought the luxury property through a U.S.-based LLC for $47 million in June this year. Even at the scaled down price it is the highest ever paid for a residence in Miami-Dade County history. The earlier record was also made this year when hedge fund manager Eddie Lampert had paid about $40 million for a house in the area.
Rumor: Russian Billionaire is the Buyer of Indian Creek Island Home
The identity of the buyer was not revealed officially but rumors in the industry indicate that he is a Russian and most likely a Billionaire from the Forbes list of the rich. The adjacent plot of the mansion was bought earlier this year by another Russian named Max Finskiy. Located on the Indian Creek Island at 3 Indian Creek, the lot measures 200 feet by 400 feet which is just under two acres. It is an exclusive barrier island off the Miami Beach. It is guard gated and only the home owners and their guests have access. The exclusive island has only 32 homes and an 18 hole golf course and it is now home to several billionaires including Carl Icahn, Charles Johnson, Norman Braman and Eddie Lampert. The estate that boasts of a private beach created out of imported Bahamian pink sand has been designed by Rene Gonzalez Architect who have given it the feel of a contemporary resort.
The Estate Has Five Distinct Pavilions
Shlomi Alexander of Bal Bay Development, along with his partner Felix Cohen have developed and sold the trophy home. It has a unique design that divides the estate into five distinct pavilions; a main pavilion, a guest pavilion, a spa pavilion, a gym pavilion and a media pavilion. All of them are connected by walkways and water. The main house has been constructed out of limestone, glass and wood. The main pavilion features the master suite and four other bedrooms. It also features the dining room, living room, library and two kitchens. There is a wine cellar which is accessible only through finger print identification. The guest pavilion features two bedroom suites with kitchenettes and a relaxation area with koi pond equipped with . The spa pavilion has a massage room and a steam room. The gym pavilion has state of the art equipment and mirrors with python skin frames. The media pavilion boasts of a professional grade recording studio and a 3D projector.
The Resort Like Home Has Unmatched Amenities
The resort like home is full of unmatched amenities including a 100-foot infinity-edge pool. The pool complex boasts of underwater speakers, an outdoor dining room with built-in barbecue, a rooftop “sky bar” with jacuzzi, a vertical garden, and a “show room” with wet bar and TV lounge. Can you ask for more? The garage on the property complete with customized made from high-quality steel for added security and protection is also large enough to accommodate seven limo-sized cars. This is the most successful project developed by Bal Bay Development and they are planning another resort like home on Indian Creek Island and another one in Bal Harbor. The estate was on the market since late 2010 and was shown to over 50 buyers before it was sold for the highest price ever in the area.
