The Real Deal Miami

Owner revealed: former Live Nation chairman listing $36M Key Biscayne estate

It's the third priciest home for sale in Key Biscayne

960 Harbor Drive. Inset: Michael Cohl

A Key Biscayne compound listed for $36 million is owned by Canadian concert promoter and producer Michael Cohl, listing agent Billy Nash told The Real Deal.

Cohl, the former chairman of Live Nation and the founder of SB2N Entertainment, has hosted celebrities like Beyoncé, Julia Roberts and just three weeks ago, Rihanna, at his Key Biscayne estate.

Nash, of the Nash Group at the Keyes Co., listed the property at 960 Harbor Drive in November. He said he had it under contract in February for close to the asking price, but had to cancel the contract because the buyer became ill.

The nine-bedroom, 12,520-square-foot estate sits on more than 67,000 square feet on the Harbor Drive peninsula, which fronts Bill Baggs Cape Florida State Park. It has 720 feet of waterfront, a salt water pool and spa, two docks and tropical landscaping by Raymond Jungles. The estate also features a 16-seat private theater, an open-air cabana, and a tennis and basketball court.

Property records show YOYOT Realty Inc. owns the home, which is called Buena Vista. It’s split into two parcels, each with more than 34,000 square feet. A buyer could divide the estate, which Nash said is the largest buildable lot on Key Biscayne.

“There are multiple buyers for this property. It could be a hedge fund manager looking to move offices to Miami, a Fortune 500 chairman that wants to enjoy it with his family, someone international,” he said.

The $36 million price tag is based on recent sales in Key Biscayne over the past two years. Between the end of 2015 and February of last year, Evan Metropoulos, the son of Hostess investor C. Dean Metropoulos, paid a combined $58.9 million for the adjacent homes at 775 and 755 South Mashta Drive, which total 2.3 acres.

Cohl and his wife Laurie are “ready to move on,” according to Nash.

Just last week, Estrella Insurance founder Nicolas Estrella listed his Key Biscayne estate for $40 million, marking the fourth most expensive home for sale in Miami-Dade County, and the most expensive in Key Biscayne. That property sits on a 34,000-square-foot lot.

The second priciest is the 36,000-square-foot corner estate at 400 South Mashta Drive, which is asking $39 million, according to Realtor.com. Cohl’s home is the third most expensive, but has the most acreage of the top three.