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.
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
- Miami’s Million Dollar Real Estate Boom [Florida Trend]
- The New Global City [WSJ]
- Condo Inventory Detailed in New Report [Miami Herald]