Miami Beach penthouse is under contract for more than $120 million

Real estate

By Mary K. Jacob

An oceanfront penthouse in Miami Beach is under contract for a whopping sum topping $120 million.

If completed at that 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 The Wall Street Journal.

Located in the prestigious Shore Club Private Collection, this luxurious unit features 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 identity of the buyer remains unknown. Developers Witkoff Group and Monroe Capital did not respond to the Journal’s request for comment.

A serial real estate record Ken Griffin, the billionaire hedge fund titan, set the most recent condominium 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.

In particular, in 2022, Griffin acquired Adrienne Arsht’s waterfront estate in Miami’s Coconut Grove fetched a staggering $106.87 million, marking the first-ever nine-figure residential sale in the city.

This monumental new sale marks an unprecedented boom 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 and involves the transformation of two iconic hotels: the 1940s Shore Club Hotel and the historic Cromwell Hotel, a gem of 1930s Art Deco architecture.

Designed by the esteemed Robert AM Stern Architects, the development will offer 49 residences spread across the original Cromwell Hotel and a towering new structure rising 200 feet above the beach.

Additionally, a detached ocean-front mansion and a lavish five-star resort operated by Auberge Resorts Collection are expected to grace the grounds.

Sales began early last year, with prices ranging from about $6 million to $40 million, excluding the crown jewel penthouse. Expectations are high for the project to be completed in 2026.

Kobi Karp Architecture & Interior Design collaborated with RAMSA on the architecture. The interiors, managed by RAMSA, will have a yacht-inspired aesthetic, with a calming color palette reminiscent of the surrounding natural elements.

Douglas Elliman Development Marketing handles sales and marketing.

Miami’s appeal as a haven for the wealthy 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 the trend by unveiling a slew of high-priced offerings. These include the highly anticipated Aman Miami Beach and the revitalization of the historic Raleigh Hotel led by a consortium led by New York developer SHVO, where a penthouse is currently listed for $150 million.