The Real Deal Miami

Timepiece magnate lists custom Golden Beach house for $11M

Asking price breaks down to $1,666 per square foot

September 23, 2016 12:45PM
By Sean Stewart-Muniz

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508 North Parkway Street

508 North Parkway Street

Lior Ben-Shmuel, a property investor and former president of the SWI Group luxury watch company, just listed his newly built home in Golden Beach for $10.9 million.

The waterfront pad at 508 North Parkway Street has seven bedrooms, seven-and-a-half bathrooms, a rooftop deck and an outdoor pool deck with its own summer kitchen.

It hit the market Thursday under Alexander Goldstein of Miles Goldstein Real Estate and Sue Honowitz of Rusty Stein Real Estate.

Goldstein told The Real Deal that the owner built the home to his own taste, but the plan was always to sell it.

Each bedroom has views of the Intracoastal Waterway, the interiors are finished with soft-colored woods and imported stone, and all of the home’s living areas are wrapped in floor-to-ceiling glass. It has 100 feet of dockage and an elevator for its three stories.

When asked whether the home was being sold furnished, Goldstein said “everything is negotiable.” With 6,541 square feet of interior space, its asking price breaks down to $1,666 per foot. On the same block, a similarly sized home at 498 North Parkway Street is asking $18 million, or about $1,943 square feet, and has lingered on the market for roughly two years.

Goldstein declined to disclose the identity of 508 North Parkway Street’s owner. But county records show it’s owned by Ben-Shmuel, who headed the luxe jewelry distributor SWI Group with his brothers Izac and Shlomi for nearly two decades. The online watch retailer was acquired by Clearlake Capital Group in December 2012.

According to county records, Lior’s father, Eliahu Ben-Shmuel, bought the Golden Beach property for $1.2 million in 2003. Eliahu transferred the property to Lior in 2008, who then applied for a lot coverage variance with the town council and built his waterfront house six years later.

Check out the listing agents’ video of the property below: