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The Real Deal Miami

Todd Glaser sells North Bay Road spec manse for $22M — 40% off ask

It was featured in “War Dogs,” Rihanna’s “Needed Me” music video and more
By Katherine Kallergis | December 21, 2017 10:30AM

From left to right: agents Natalia Gryczynska, Alejandro Diaz Bazan, Brett Harris, developer Todd Michael Glaser and 5446 North Bay Road (Credit: Douglas Elliman)

Spec home developer Todd Michael Glaser finally sold the home he built in 2014 for $21.7 million — more than 41 percent off the original $37 million price tag.

Glaser and the Posner Group sold the eight-bedroom, 13,500-square-foot mansion at 5446 North Bay Road after nearly four years on the market, Glaser said.

In 2014, “nobody thought twice of the $37 million price,” he said. “There’s not that many $37 million buyers out there.”

Brett Harris of Douglas Elliman represented the sellers. Alejandro Diaz Bazam and Natalia Gryczynska, also of Elliman, represented the buyer, whom the agents declined to identify.

The waterfront estate was featured in the film “War Dogs,” on CNBC’s “Secret Lives of the Super Rich” and in Rihanna’s “Needed Me” music video. It includes a chef’s kitchen, floating curved staircase, a rooftop terrace, a pool and spa, koi ponds and retractable doors. Glaser completed the home, which sits on a 32,000-square-foot lot, in early 2015.

Property records show 5446 NBR LLC paid $9.6 million for the lot in 2012.

Harris said he received a lot more interest in the property once he lowered the price, to $29 million in August and again to $26.5 million in December.

“The deal came to fruition over Art Basel,” he said.

The buyer paid an extra $675,000 for the furniture, Glaser added.

The sale is yet another example of the major discounts sellers are offering to move their luxury products off the market. The biggest price reduction this year was nearly 50 percent off a Hibiscus Island home that sold in May.

Glaser said he’s focusing now on Palm Beach. “That’s my last one,” he explained. “I’m out of the waterfront spec home [market] in Miami Beach and on my way to Palm Beach.”