Waterfront lot in Miami Beach trades for $10.5M — 10x last sale

A half-acre vacant lot in the Venetian Islands sold for $10.5 million, The Real Deal has learned.

The seller, a Russian real estate investment fund, bought the property in lieu of foreclosure for $1 million in October 2010, according to Miami-Dade property records.

The buyer is a Miami-based LLC, Julian Johnston of Calibre Realty told TRD. Johnston represented both parties in the sale. The buyer’s identity was not disclosed, but he plans to build his “dream house,” Johnston said.

North Star Maritime Miami LLC was the seller, according to property records.

The waterfront property, at 1260 South Venetian Way in Miami Beach’s San Marco Island, has 120 feet of water frontage and views of downtown Miami, Johnston said. There are two other vacant lots remaining on the island, property records show.