Former Matheson estate in Key Biscayne sells for record $47M

775 South Mashta Drive
775 South Mashta Drive in Key Biscayne

The former estate of one of Key Biscayne’s founding family members has sold for $47 million, marking the second most expensive residential sale in Miami-Dade County this year and the most expensive ever on the island.

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775 South Mashta Drive

775 South Mashta Drive (click to enlarge)

The 11,600-square-foot mansion, at 775 South Mashta Drive, was listed for $60 million in 2014. The waterfront five-story estate spans 2 acres and includes 2,000 feet of water frontage. It features 360-degree views, a pool and gazebo area, and a private deep water yacht harbor.

The home sold for $4,052 per square foot.

According to the listing, the property was the “playground of America’s elite at the turn of the century.” William J. Matheson built the original home, known as Mashta House, in 1917. Guests such as the Vanderbilts, Carnegies and Mellons stayed in the Key Biscayne home in the ’20s and ’30s – arriving by yacht, the Miami Herald reported. That structure was reportedly demolished in the 1950s. In 1991, the current six-bedroom, eight-bedroom home was developed on the property, according to

ONE Sotheby’s International Realty agents Jorge Uribe and Tata Botero listed the estate in September 2014 for $60 million, then dropped the price to $55 million in May. The Southeast Florida MLS shows that the $47 million transaction closed on Dec. 23.

Uribe declined to comment on the sale, but said that he also represented the buyer. A buyer was not listed on the MLS and the sale has not yet been uploaded to Miami-Dade County records. The seller is Pitu Inc., which managed by local attorney William C. Lewis Jr. The entity paid $1.3 million for the land in 1989, records show.

Michael Moskowitz and Craig Mandell of Moskowitz Mandell Salim & Simowitz, P.A. worked on the sale, a spokesperson told The Real Deal.

The sale matches the record for single-family homes in Miami-Dade – the $47 million sale of 3 Indian Creek Island Road in 2012. It comes in second for all residential sales this year, superseded by the sale of a penthouse at the newly completed Faena House condominium in Miami Beach. Billionaire Ken Griffin paid $60 million for the condo, setting an all-time residential record in the county.