The Real Deal Miami

Pharmaceutical exec sells North Bay Road home for $13M

Couple paid about $2M for property in 2002, then built Moorish-style home in 2004

April 26, 2016 03:00PM
By Katherine Kallergis

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4712 North Bay Road

4712 North Bay Road in Miami Beach

A pharmaceutical executive and his wife have sold their Spanish-style waterfront home on Miami Beach’s North Bay Road for $12.9 million, or about $2,000 per square foot. 

Ralph M. and Amanda J. Ellison sold their 6,440-square-foot, six-bedroom home at 4712 North Bay Road to 4712 NBR LLC. State records show the buyer incorporated in Florida last week. It only lists local real estate attorney Jay Rivlin.

The Moorish-style estate was developed in 2004 and sits on a 17,400-square-foot lot. It features wide bay views, custom wood and wrought iron doors, arched hallways, stone and hardwood floors, custom wood ceilings and a gourmet kitchen. It also includes a pool, boat dock with lift, and 117 feet of waterfront.

Property records show the Ellisons paid slightly more than $2 million for the plot in 2002. Ralph Ellison, a biotechnologies investor, was CEO of DOR BioPharma Inc., now known as Soligenix Inc., which describes itself as a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases.

According to listings website Estately, the North Bay Road home was on the market for $16.1 million since January. Jill Hertzberg of Coldwell Banker’s The Jills was the listing agent. In August, the Jills listed the largest vacant lot on North Bay Road for $19.95 million, or about $526 per square foot. That property is nearby at 5840 North Bay Road.