Rare waterfront triple-home Miami Beach compound lists for $150M a local record
A trio of luxurious waterfront estates on Miami Beach’s exclusive Palm Island has been re-listed at a staggering $150 million, maintaining its record-breaking price tag for the island.Originally put up for sale in 2023, the combined properties are back on the market, offering an opportunity for buyers seeking the ultimate in exclusivity and size, according to Mansion Global.The properties are being sold as a package by Jorge Luis Garcia and the Adria, Maria, Adrian Almeida Trust.
The listing is represented by Fredrik Eklund of Douglas Elliman.Garcia, who spearheaded the decision to merge the parcels, pointed to the scarcity of prime waterfront land as the key motivator.“At the moment, there is nothing available on the market that can compare or that even will come close to this listing,” he said.Eklund highlighted the rarity of combining three estates into a single deal, emphasizing the vastness of the combined lot.
“It doesn’t work for everyone, but the three houses together give the new buyer a lot of flexibility, especially for larger families like royals with big staffs and security needs,” he said.The Mediterranean-style estates were developed between 2008 and 2016 by the late Pedro Adrian, a prominent real estate developer.
Adrian, father of Adria Almeida, purchased the first parcel in 2004 for $3.45 million, transforming the land into a private family compound.Garcia later acquired two of the properties, purchasing one in 2019 for $13.9 million and another in 2021 for $17 million.He now sees the timing as perfect to re-list.
“Due to the lack of comparable inventory,” and “the huge increase in price per square footage on luxury waterfront properties,” he said, the decision to sell was clear.Data from Miller Samuel underscores Garcia’s perspective.
Luxury waterfront properties on Palm Island have seen a meteoric rise in value, with the average price for single-family homes surging 52.5% year-over-year in the fourth quarter of 2024, a...