A waterfront estate in Miami sold Tuesday for $16 million, topping the previous high price for the Morningside neighborhood, the listing agent says.
The 5,402-square-foot home at 5725 N. Bayshore Drive is one of 13 lots overlooking Biscayne Bay in Morningside and has 125 feet of direct bay frontage. The home was previously listed for $19.8 million after a $1 million price drop, according to Homes.com.
The seller was David Wallack, CEO of Mango’s Tropical Café in Miami Beach and Orlando. The buyer has not been disclosed, and Miami-Dade County property records have not yet recorded the sale.
Jill Eber of The Jills Zeder Group at Coldwell Banker represented Wallack and was the only agent involved in the sale. She said the previous top price in Morningside was in April 2021 when Barstool Sports founder Dave Portnoy paid $13.98 million for the home at 5811 N. Bayshore Drive.
The 5725 N. Bayshore Drive lot is on more than three-quarters of an acre, offering redevelopment opportunities, according to Eber.
"That's what pretty much everybody looking at the property wanted to do," she told Homes.com.
Home has extensive landscaping
The gated estate has a 500-square-foot boat dock and additional docking with an electric boat lift, according to marketing materials. An antique gazebo from Indonesia overlooks the bay, and an ibis sanctuary on Rectory Island is located behind the four-bedroom home.
The home has an oval swimming pool and roughly $1 million in mature landscaping, including mango, coconut and banana trees.
The interior of the home includes a meditation garden, a koi pond with a waterfall, and a music studio next to the living room.
Miami home prices have been sluggish or down in recent months, but the August median for all property types rose 3.8% in August from a year earlier, according to Homes.com. That ranked 13th among the 40 largest U.S. markets.
A sharp increase in listings has helped to level Miami prices, but the area's luxury market doesn't have that problem, according to Eber.
"There's only so much waterfront property you have here," she said.