A $120 Million Penthouse Will Be Miami’s Most Expensive Home
An oceanfront penthouse in Miami Beach is in contract for north of $120 million—a sum that would make it the most expensive condominium ever sold in the Miami area, according to people familiar with the deal. The previous record was half that price. Located at the Shore Club Private Collection in Miami Beach, the unit spans about 10,500 square feet with around 7,500 square feet of terraces and a private rooftop pool. The identity of the buyer is not known. The Witkoff Group and Monroe Capital, which are developing the Shore Club, could not be reached for comment. Miami’s current condo record was set in 2015, when hedge-fund billionaire Ken Griffin paid $60 million for a pair of penthouses at Faena House. He has since sold the units for $46.2 million combined, records show. Designed by Robert A.M. Stern Architects, the project will have 49 private residences split between the original Cromwell Hotel and a new, adjoining 200-foot tower. There will also be a roughly 6,000-square-foot standalone mansion facing the beach, and a five-star resort operated by Auberge Resorts Collection. Sales launched early last year, with prices at the time ranging from around $6 million to about $40 million, excluding the penthouse. The project is expected to be completed in 2026. RAMSA collaborated on the project with Kobi Karp Architecture & Interior Design, and the interiors are yacht-inspired and have a color palette of dune, coral and sky. Miami’s luxury market skyrocketed during Covid as wealthy North easterners flocked to Florida. In 2022, Griffin paid $106.875 million for a waterfront estate in Miami’s Coconut Grove, the first Miami home to cross the $100 million mark. Recently, condo developers in Miami have introduced a slew of high-priced units aiming to establish a new echelon of condo pricing, including Aman Miami Beach and the redevelopment of the historic Raleigh Hotel by a group headed by New York-based developer SHVO. A penthouse there is asking $150 million.
Tags : oceanfront penthouse Miami luxury market skyrocketed Robert A.M. Stern Architects Ken Griffin