Bal Harbour investor Joseph Imbesi lists waterfront property for $65M

Real estate investor Joseph Imbesi is looking to sell his waterfront property in Bal Harbour for $65 million. At the same time, he is seeking village approval for a waterfront mansion nearby.

Imbesi sold the oceanfront Bal Harbour Club in 2012 to developer Eduardo Costantini’s Consultatio for $220 million, where Consultatio built the condo tower Oceana Bal Harbour. Imbesi acquired that site as part of a larger deal for $19 million in 1999, which included his plot of land that he now plans to sell.

Tony Imbesi of Douglas Elliman

He tapped his son, Tony Imbesi of Douglas Elliman, to list the 1.8-acre parcel at 200 Bal Bay Drive, as first reported by the Wall Street Journal. The peninsula-shaped property features 915 feet of seawall, seven boat slips and the right to build a helipad.

The property was once home to the Bal Harbour Yacht Club building that was designed by Alfred Browning Parker.

Across the water, at 186 Bal Bay Drive, Imbesi is seeking approval from the village of Bal Harbour to build a modern tropical mansion designed by Borges + Associates. As proposed, the two-story, nearly 12,000-square-foot estate would feature a rooftop terrace with a private deck, a boat storage room, wine cellar and fitness center. It would be built 35 feet above the FEMA elevation, according to the proposal. The Bal Harbour Architectural Review Board is scheduled to vote on it Thursday.

A spokesperson for Douglas Elliman said Imbesi hasn’t decided if he will keep or sell the planned mansion.

A rendering of 186 Bal Bay Drive (Borges + Associates)

Nearby in Bal Harbour, the CEO of a French insurance brokerage sold his property in October for $23.9 million. A lawsuit over the commission of the sale alleged the buyer was Chewy founder Ryan Cohen and his wife Candice Cohen.

Luxury home sales have soared throughout South Florida’s coastal areas. In Miami Beach and the barrier islands, which include Bal Harbour and Bay Harbor Islands, single-family home sales surged in the fourth quarter, year over year, rising 195 percent to 224 closings, according to the Elliman reports.

In 2019, Imbesi and his wife, Orla, sold a waterfront Manalapan home for $6.5 million.