The Real Deal Miami

Waterfront North Bay Road home lists for $15.9M

The owners paid $530,000 for the property in 1988

January 06, 2016 05:15PM
By Katherine Kallergis

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6500 North Bay Road

6500 North Bay Road

A Miami Beach allergist-immunologist has listed his waterfront home in Miami Beach for $15.9 million, or about $2,400 per square foot. 

Fabian Garcia Diaz and Allan Kleer

Fabian Garcia-Diaz and Allan Kleer

Dr. Philip C. and Phyllis Mirmelli own the home at 6500 North Bay Road. County records show the Mirmellis paid $530,000 for the property in 1988. The 6,637-square-foot residence, originally built in 1950, was recently renovated. It includes six bedrooms, seven bathrooms and nearly 250 feet of water frontage. It sits on a 17,532-square-foot lot.

Fabian Garcia-Diaz and Allan Kleer of Fortune International Realty are the exclusive listing agents. The owners spent about $250,000 in exotic trees and landscaping, Kleer told The Real Deal. It hit the market on Wednesday.

Garcia-Diaz and Kleer said they are marketing the property to their client base as well as through Fortune’s partnership with New York-based affiliate Town Residential. The property includes two docks that can fit up to a 100-foot yacht, as well as a custom-built second-story master suite with panoramic views.

North Bay Road is home to a number of new spec homes, although Garcia-Diaz said the property at 6500 North Bay Road is not a tear-down. Developer Peter Fine is building a 15,000-square-foot spec mansion at 6440 North Bay Road, priced at $30.5 million. His firm, To Better Days Development, is also building a spec home at 6010 North Bay Road.

The bayfront strip has also attracted such celebrities as Ricky Martin, Matt Damon and Calvin Klein, who announced in May that he was selling his home at 4452 North Bay Road for $16 million. Also last year, singer-songwriter Phil Collins bought Jennifer Lopez’s former North Bay Road waterfront mansion, at 5800 North Bay Road, for $33 million.