Keith Menin buys North Bay Road home for a big discount

Bayfront mansion hit the market in 2015 for $27.5M

Nelson Gonzalez and Keith Menin with 2318 North Bay Road
Nelson Gonzalez and Keith Menin with 2318 North Bay Road

Hotelier Keith Menin paid just over $12 million for a bayfront mansion in Miami Beach, roughly a year after buying another home in the Venetian Islands.

Property records show Stuart Browning, founder of Embarcadero Technologies, an IT company based in San Francisco, sold the eight-bedroom, nearly 15,000-square-foot mansion at 2318 North Bay Road. 2318 NBR LLC, led by the Menin Hospitality principal, paid $12.14 million for the property.

Browning paid $3.5 million for the 24,860-square-foot lot in 2004 and later built the house in 2009, according to property records.

Sign Up for the undefined Newsletter

The home hit the market for $27.5 million in December 2015, which means it sold at a 56 percent discount off the original ask. It was most recently listed for $16.9 million.

Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty brokered both sides of the deal, according to Zillow.

The sale closed just over a year after Menin paid $8.68 million for a waterfront, six-bedroom mansion at 815 East Dilido Drive. Last year, Menin and his wife also sold a waterfront property at 241 East San Marino Drive in Miami Beach for $12 million.

Menin and his cousin and managing principal Jared Galbut lead Menin Hospitality, a Miami-based firm that runs the Gale South Beach, Mondrian South Beach and the Shelborne South Beach, among other hotels.