Michael Stern buys waterfront home on North Bay Road in Miami Beach

Developer paid $10.5M for 39K sf lot

North Bay Road and Michael Stern
North Bay Road and Michael Stern

New York developer Michael Stern is putting down roots in South Florida.

Stern, of JDS Development, paid $10.5 million for a waterfront property on North Bay Road in Miami Beach, sources said. The four-bedroom, nearly 5,500-square-foot home, likely a teardown, sits on a nearly 40,000-square-foot lot.

The property has 155 feet of water frontage, according to the listing. Alex Daguer of Fortune International Realty was the listing agent, according to Redfin. Daguer has been accused of bringing fake buyers and taking listings from agents.

Liz Hogan of Compass brought the buyer. She declined to comment.

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Property records show the estate of Joan O. Keller sold the home, built in 1967. Keller passed away in December. Previous sales information was not available online.

Stern is building Monad Terrace, a 59-unit luxury condo development at 1300 Monad Terrace in South Beach. He recently closed on a $137 million construction loan for the project.

Stern could not immediately be reached for comment.

The pricey street is also home to Dwyane Wade, Chris Bosh, Phil Collins and Barry Sternlicht.