A 92,000-square-foot compound complete with three waterfront mansions is for sale on a private island in Miami Beach, Florida, for an asking price that if paid would set a record.
Known as “The Palm Compound,” the sprawling property on Palm Island hit the market last week with a $150 million price tag, according to a listing on Homes.com. At that price, the listing ranks among the most expensive for-sale homes in the country.
If the compound sells for its listing price, it will set a record for the priciest residence sold on the exclusive Palm Island, according to listing agency Douglas Elliman. Traveling by car, the neighborhood can only be accessed using the MacArthur Causeway.
Homes.com data shows that with a 20% down payment and 30-year, fixed-rate mortgage, that price tag equates to a monthly payment of roughly $874,000. That’s not including the estimated $317,310 annual tax payment.
The price and taxes likely won’t be an issue for the buyers, according to listing agent Fredrik Eklund.
He described his buyers' pool as “ultra-high-net-worth individuals who value privacy, exclusivity and luxury” such as CEOs, celebrities or investors. Residents of the island have included pop stars Gloria Estefan and Enrique Iglesias, and late broadcast journalist TV Barbara Walters.
“This offering appeals to those who prioritize exclusivity and are willing to invest significantly for a unique, turnkey luxury compound,” he said in an email interview.
The listing follows another six-figure residence that recently went up for sale in the Miami area. This month, a $285 million speculative mansion hit the market and earned the title of the priciest yet-to-be-constructed house for sale in the country.
Luxury and privacy
Combined, the compound's three homes contain 21 bedrooms, 31 bathrooms and more than 35,000 square feet of interior space. The property also comes with three swimming pools, docks big enough to fit multiple megayachts and enough parking for up to about 20 cars.
And the compound offers buyers a range of uses, according to Eklund, who said the property could serve as a buyer’s primary residence or vacation home but noted that the options extend even further.
“The three residences allow for different branches of a family to live together while maintaining privacy, making it ideal for a large family or multiple generations,” he said.
Another option: “A high-profile company or entrepreneur could use the property as a corporate retreat, think tank, or headquarters for intimate, luxurious business events," according to Eklund.
Eklund also said, “This compound provides a seamless and cohesive sanctuary of elegance and exclusivity that is greater than the sum of its individual parts, making the compound highly desirable for buyers seeking a private, grand estate."
