Brazilian businessman to build Miami Beach mansion after $6.5M land deal

Rendering of the home at 412 West Dilido Drive
Rendering of the home at 412 West Dilido Drive

UPDATED 5:10 p.m. September 10 A Brazilian businessman is set to build his own waterfront Miami Beach mansion after he picked up a Di Lido Island parcel with approvals late last week for $6.5 million.

The sale covers 412 West Dilido Drive, a bayfront plot of land measuring 15,750 square feet that was formerly occupied by a single-story home from the 1960s.

Listing agent Dora Puig of Luxe Living Realty told The Real Deal that the seller, whom she declined to name, scored entitlements to build a contemporary mansion measuring 8,442 square feet several years ago. The approved plans show a home with seven bedrooms, seven-and-a-half bathrooms and an infinity-edge pool facing Biscayne Bay.

Designed by architect Max Strang, the house took advantage of Miami Beach’s older zoning code that allowed for more lot coverage and buildable square feet. Some of the planned home’s features: an 1,100-square-foot rooftop deck that the Brazilian buyer plans to use as a lounge, a three-car garage, 90 feet of bay frontage, an Ipe wood dock and sliding floor-to-ceiling doors.

Aerial view of the lot

Aerial view of the lot

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Puig told TRD that the buyer has been working with Strang throughout the summer to redesign some of the home’s interiors, mainly eliminating two bedrooms and adding extra square footage to the master bedroom, as well as expanding the garage.

Though she declined to name her client, documents from the city of Miami Beach show the shell company that sold 412 West Dilido Drive is managed by Jeffrey Altman, head of New York hedge fund Owl Creek Asset Management.

Puig said her client had originally bought the Dilido Drive home and another at 306 West San Marino Drive with the intention to sell one and keep the other. Those plans changed, as the Dilido Drive home is now sold and the spec house on West San Marino is on the market asking $15 million.

Puig deferred questions about the buyer’s identity to his agent David Pobiak of Beachfront Realty, who declined to name the buyer.

Pobiak said he’ll be consulting his client on some of his planned alterations, including redoing the entire dock to make it level with the pool, as well as expand its living areas with the extra space from eliminating two bedrooms.

Di Lido island is undergoing a wave of redevelopment, with many of its older mid-century homes being razed in favor of new contemporary mansions.