Tahiti Beach Island manse sells for half its original ask

It hit the market in 2016 for nearly $22M

Chad Carroll with 20 Tahiti Beach Island Road (Credit: Redfin)
Chad Carroll with 20 Tahiti Beach Island Road (Credit: Daniel Petroni Photography)

Miami cardiologist James Margolis and his wife Marja Paulina Margolis sold their Tahiti Beach Island mansion for $11.3 million, about half the original asking price of the waterfront property.

The couple sold the six-bedroom, 8,305-square-foot home at 20 Tahiti Beach Island Road, according to Realtor.com. Chad Carroll of Douglas Elliman represented the sellers, while Yvette Rivero of Rockway Realty brought the buyer. The property originally hit the market in 2016 for nearly $22 million with Judy Zeder, who was with EWM Realty International at the time.

Both Carroll and Rivero declined to comment on the buyer’s identity.

Margolis was the first cardiologist in the southeastern United States to perform an angioplasty, according to his LinkedIn page. He and his wife bought the waterfront property in 1990 for $1.11 million and developed it in 1994.

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The exclusive Coral Gables island of Tahiti Beach includes three tennis courts and a private beach. The gated community is home to hedge fund manager Bruce Berkowitz, pharmaceutical executive Neil Flanzraich and Dr. Kira Flanzraich, and coffee heir Jose Souto.

Last year, former NFL linebacker and Super Bowl winner Jonathan Vilma sold his waterfront Tahiti Beach estate for $14.4 million, a 22 percent discount off the ask.

The Margolises’ home sits on nearly 1 acre of land with 121 feet of water frontage, a 90-foot dock and boat lift, a pool, Jacuzzi, floor-to-ceiling windows and skylights.