The Real Deal Miami

Allison Island knock-down fetches $8.2M

Sale of 6650 Allison Road, a 24,673-square-foot property, equates to $330 psf for the land

April 22, 2016 04:30PM
By Ina Cordle

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6650 allison road

6650 Allison Road

UPDATED April 24 2 p.m.: A waterfront home on Allison Island in Miami Beach, slated for the sledgehammer, has sold for $8.2 million in an off-market deal, The Real Deal has learned.

The 24,673-square-foot property, at 6650 Allison Road, sold for $330 per square foot, marking the highest price per square foot for land on the island, Cyril Matz, estate agent with ONE Sotheby’s International Realty, told TRD.

Matz handled both sides of the deal that closed on Thursday. He said the buyer is well known spec home developer Todd Glaser

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Cyril Matz

The new owner has already applied for a demolition permit, with plans to build “a modern residence,” Matz said. The site currently includes a 5,440-square-foot home, built in 1979, according to property records. The pie-shaped lot includes 208 feet of water frontage, Matz said.

Gemini Capital Acquisitions Corp., which paid $3.4 million for the home in October 2015, is the seller. Corporate records show Kristopher Klotz as the president.

Matz, who grew up on Allison Island, was also the seller’s agent on 6633 Allison Road, a new home that former Marlins shortstop Edgar Rentaria sold for $8.3 million in January 2013.

“Finally people are realizing the value of Allison Island,” Matz said. “It’s always been undervalued.”

A few months ago, a 10,623-square-foot spec mansion at 6480 Allison Road, went on the market for $24 million or $2,260 per square foot.

Allison Island is also home to Michael Burke, CEO of luxury fashion brand Louis Vuitton. He paid $11.7 million in January 2014 for a one-acre island property with a private dock, guesthouse, tennis court and about 200 square feet of waterfront.