Bugle Miami

Asking $65 Million: A Miami Beach Site With Room for a 60,000-Square-Foot Home

A nearly 2-acre parcel of land on a peninsula at the mouth of Miami Beach’s Bal Harbour Yacht Club marina is coming on the market for $65 million.

Real-estate veterans say that if it sells for close to that price, the property would be one of the most expensive slices of land ever sold in the area.

The sellers said the site was recently rezoned to allow the construction of a single-family home of up to 60,000 square feet. It also comes with up to seven boat slips on a protected waterway and the right to build a private helipad.

Joseph Imbesi has owned the property since the late 1990s.

Lifestyle Production Group for Douglas Elliman

The seller is Joseph Imbesi, a longtime Bal Harbour investor who obtained the site in the late-1990s as part of a larger $19 million transaction for a local social club. The property was formerly home to a clubhouse building designed by Modernist architect Alfred Browning Parker, but that building was demolished in 2001, Mr. Imbesi said. “It was way past it’s time, out of use and dilapidated,” he said.

Mr. Imbesi has listed the property with his son Tony Imbesi, who is a real-estate agent with Douglas Elliman. The younger Mr. Imbesi said he believes the price is in line with what the best-located properties are currently trading for in South Florida. He noted that a home in nearby Palm Beach, formerly owned by Donald Trump, recently traded for more than $120 million, for instance.

“There are people coming to Miami to set up residence who have the kind of money and resources to do something really interesting here,” said the younger Mr. Imbesi, noting an influx of high-net worth buyers to the area amid the pandemic. “There’s actually a shortage of these kinds of mega-properties right now.”

The elder Mr. Imbesi, 74, said his family originally made its money bottling and distributing 7Up, but he didn’t go into the family business, preferring to train and race horses.

When he moved to Bal Harbour in the 1980s for the racing business, he became an equity member of the local social club. When the opportunity came up in the 1990s to buy out the other members’ shares, he took it. As part of the $19 million deal in 1999, he also gained title to another nearby parcel of land owned by the club, which he sold in 2012 to a developer for $220 million to build Oceana Bal Harbour, a luxury condominium project.

“People didn’t see the value I saw. I knew the way things we’re had no place to go but up,” the elder Mr. Imbesi said. “Now, the floodgates have opened up.”

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