The Real Deal Miami

Vacant land on Hillsboro Mile trades for $10M

Seller was managed by former foreclosure king David J. Stern
The lot at 923 Hillsboro Mile (Not pictured: the Intracoastal Waterway side of the lot)

The lot at 923 Hillsboro Mile (Not pictured: the Intracoastal Waterway side of the lot)

A strip of land on Hillsboro Mile, known as Broward County’s “Millionaire’s Mile,” has just been sold for $10 million.

The 2-acre lot stretches from the Intracoastal Waterway to the Atlantic Ocean, and is vacant except for a concrete tennis court, according to Broward County property records.

Its owner is a trust named after the property’s address, 923 Hillsboro Mile, which paid $9 million for the land in 2008. The trust is managed by David J. Stern, Florida’s former foreclosure king. Stern’s law offices in Plantation swelled during the state’s foreclosure crisis, at one time carrying more than 200,000 cases, according to an article in the Palm Beach Post.

923 and 925 Hillsboro Mile, which are both owned by a trust managed by David J. Stern

923 and 925 Hillsboro Mile, which are both owned by a trust managed by David J. Stern

He was later disbarred amid a cloud of ethical and legal issues, which ranged from notary fraud to “robo-signing.”

According to a press release, the property has enough space for anything from a modest beachfront home to a grand estate, a common sight on that stretch of Millionaire’s Mile. Just next door is an all-white, 20,000-square-foot complex complete with its own elevator and an expansive backyard decorated with concentric concrete circles. That home last sold for $17 million in 2014.

David Stern

David Stern

Whitaker Realty listed the lot at 923 Hillsboro Mile. The sales team included Todd Kirkpatrick, Melissa Carbonell, Steve Whitaker and Chad Whitaker.

“No matter what size estate is built on the property, the owner is insured privacy and lush landscape between the road and ocean,” said Kirkpatrick in a release.

The sale has not yet been recorded in Broward County property records, and the buyer was not disclosed.

The listing for 923 originally included the neighboring property, at 925 Hillsboro Mile, for a price of $19.9 million, though it gave the option of splitting the lots.

The trust paid $8 million in 2008 for 925, which includes a two-story home that roughly measures 5,000 square feet. It is now listed for $10.25 million.