Setai South Beach Penthouse Sells for Record-Setting $21.5M. Breaks Multiple Miami Beach Real Estate Records

Previously described as the “mack daddy” of Penthouses in Miami Beach- Penthouse ‘A’ at The Setai South Beach closed yesterday for a record-setting $21.5M and brokered by Eloy Carmenate of ONE Sotheby’s International Realty.

Setai South Beach penthouse, Miami Beach

Originally listed for $27M in April of 2010, this 5,803 sf residence was owned by Netscape Founder Jim Clark.  Clark originally purchased the unit in 2004 in “decorator ready” condition (raw) for $9,000,000.  The Penthouse has 4 bedroom and 4 baths.  The buyer is not a celebrity and said to be a private businessperson

Two records were shattered not only in South Florida but all the way up to New York City.  To my knowledge, there has not been a single condo unit South of New York City that has traded for over $16,500,000 ($2300 psf) which was in Apogee South Beach ‘PH C’ ; additionally, I’m certain that no unit ever has obtained in excess of $3700 psf.

Setai PH ‘A’ sits atop of the 40-story world-famous Setai Resort known for its luxury and celebrity clientele.  The Setai South Beach is serviced by Singapore-based, five star hotel management company GHM Hotels.  There is also a Setai outpost in New York City.

More pictures of the Record Breaking Miami Beach Real Estate Sale at Setai South Beach

The last PH that sold in Setai South Beach was a lower PH, which sold in 2010 for $15M.  There has been intense activity in the ultra-high end homes and condos here in Miami Beach this year.  Apogee PH ‘A’ sold for what I believe was an unremarkable number of $11.5M, earlier in the year.  So far this year there have been four properties that have sold at or about $20M in Miami Beach:

  • 1736 W. 28 -Sold for $19.8M in July*
  • 4570 & 4580 North Bay Road– Sold for $20 in September*
  • 13 Star Island Drive- Sold for $25.5M in April
  • 101 20th Street PH ‘A’ -Sold for $21.5M in December*

*denotes ONE Sotheby’s International Realty’s involvement in sale

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  • http://profiles.yahoo.com/u/JIZ45H4VIT7FLTH3RV4EJP3T5U Greg

    Class envy much little man?

  • http://www.floridainsurancesavings.com/ Florida Insurance

    The celebrity clientele who live in the Condo probably support OWS. Talk about hypocrisy!

  • Anonymous

    Somebody got Ripped.

  • Anonymous

    Such a Politically Correct, Save the Planet, Welcome to my Nightmare, Overindulgence.

    What happened to the antiquated 50,000 Square foot Mansion with 5 Acres and some freedom of movement?

  • Anonymous

    Occupy Penthouse.

  • Anonymous

    Occupy Penthouse.

  • http://www.facebook.com/people/Julio-Vasquez/1239396852 Julio Vasquez

    I would rather have a place with a yard.

  • Anonymous

    That’s America. Enjoy the view Mr. Foxy.

  • Anonymous

    That’s America. Enjoy the view Mr. Foxy.

  • http://www.facebook.com/people/Jim-Wolfson/100003102927273 Jim Wolfson

    That’s cool, but I can walk out my back door and sit in the woods.  For me, that’s better.

  • Anonymous

    Hey is not a celebrity he is a business man

  • Anonymous

    wow envy sucks don’t it!!!!

  • Anonymous

    For a minute till i saw the pic’s i thought why would someone spend that much.  Dam that place is sweet. If i had it i sure would.

  • Anonymous

    really, i hope that is sarcasm if not sorry looser.  I bet you want a raise at work right, well do what you can to help your boss make more money i bet he will share with you.  See that is how America works.  dohmass

  • Anonymous

    So what.  Did you read the article obviously not.

  • Wrabble

    “Nobody pays 40% income tax. ”

    Ah, another genius libunatic.

    I did not say anyone pays a RATE of 40%.

    I DID SAY that the top 1% of income earners pay a total of 40% of the total income tax collected.

  • Anonymous

    Now Eric, You are really having thoughts of how many people this person screwed, you have absolutely no idea who this person is. What is your plight, honestly what is it about successful people you hate so much.  The fact you have not figured the formula out yet, that you are lazy afraid to risk everything to make a buck.   You seem to hate everybody that has good shit, inherited money , grew up in the right family.  Hey buddy that is life, who said it was fair.  You are responsible for your own destiny and life. Wake up!!!!!!!!!

  • Wrabble

    Are you claiming that Bush did NOT increase the Child Tax credit from $600/child to $1,000/child?

    Are you claiming that the poor do not benefit from that?  You are hopefully aware that the CTC phases out as income increases, so that NOBODY who is upper-middle class or above gets that credit.

    Are you also claiming that EITC did NOT increase under Bush?

    You’re the troll who is posting lies.  Here’s a hint, if you’re going to misrepresent the truth, pick something that is not as easy to disprove.

  • http://profiles.yahoo.com/u/BCF4YW4MLEZ3DXDB7TE6Z6JBWU RichardB

    Democrats own Wall Street.  How’s that for irony?

  • http://pulse.yahoo.com/_LKQQTP7DJO3WGLX5FCZC7BB6IE Robert

    Worth every penny. 

  • http://pulse.yahoo.com/_QB4MZN5RW7VIRG4K3U52JS2CFA Cleo

    OWS needs to contact this businessman and find out if he is hiring so they can get a JOB!

  • Anonymous

    I tried to lowball it at $20 million, no deal.

  • Anonymous

    If it was inherited, somebody made it

  • http://www.floridainsurancesavings.com/ Florida Insurance

     I realize the PH was purchased by a Business man. I was responding to someone’s comment on OWS. The world-famous Setai Resort is well known for its celebrity clientele living in that Building and all along South Beach. I am sure many of the Celebs in South beach pay well over $5 Mil for Homes which does not jive with OWS right?

  • Anonymous

    You would be correct on that one, i misinterpreted you sorry about that. Hell OWS thinks we all owe them something, shit i can barely get myself much less support them. The down turn has devastated my business and now regrouping in a new direction. Unlike them i blame no one but me for not adapting sooner.

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  • http://www.CallChrisToday.com Clearwater Real Estate

    I just can’t fathom living like that. What an amazing property. My area here in Clearwater Florida doesn’t compare to the beauty of the Miami area.

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