Former chairman of Live Nation puts his Key Biscayne estate on the auction block

UPDATED April 9, 6:35 p.m.: Canadian concert promoter and producer Michael Cohl is putting his Key Biscayne compound, once listed for $36 million, up for auction with no reserve.

The former chairman of Live Nation and the founder of SB2N Entertainment listed his 1.67-acre estate at 960 Harbor Drive with Billy Nash of the Nash Group at Keyes Company last year.

New York-based Concierge Auctions will conduct the auction, which requires a $100,000 deposit.

Bidding will begin April 26 and end April 30. Pre-registered bidders will receive a 6 percent credit at the closing, Nash said.

Records show the Harbor Drive estate last traded for $5.7 million in 1998. It sits on a peninsula fronting Bill Baggs Cape Florida State Park.

The 12,520-square-foot home includes nine bedrooms and 11 bathrooms, a 16-seat private theater and a fully-equipped exercise studio. Other features include an open-air cabana, a tennis court and a private beach with 750 feet of water frontage and two docks that can accommodate a yacht up to 100 feet.

Nash said the pace of sales activity is picking back on Key Biscayne after a slow three years.

“I think the assets on Key Biscayne have been overpriced, so what we’re doing is adjusting to the market,” he said.

Correction: A previous version of this story had an incorrect date for the bidding to end and an incorrect size for the two docks.