The former Miami Beach home of “Piano Man” Billy Joel is now again in the hands of one of its previous owners, The Real Deal has learned.
Spec home developer Todd Michael Glaser paid $5 million for the waterfront home at 4640 North Bay Road, he said.
Glaser and Nelson Gonzalez sold the roughly 2,000-square-foot house to Joel in 2005 for $3.3 million. The singer-songwriter and composer sold it a year later for $3.6 million to Toronto financier Ron Schmeichel. It changed hands yet again over the years.
Glaser just purchased the three-bedroom, three-bathroom home on a 5,400-square-foot lot from North Bay LLC, an entity linked to Richard Fields and Brandy Coletta. It features high ceilings and wide bay views, Glaser said.
He plans to invest up to $1.5 million to renovate the property and then list it for sale. The renovation is expected to be completed in about six months.
“It’s a tiny, little house but we’re going to make it a jewel box,” Glaser said.
North Bay Road has been on fire as of late.
Marc Gardner, the founder and CEO of a major payment processing company, is under contract to pay about $37 million for the waterfront mansion and adjacent lot at 4580 North Bay Road, in an off-market deal, The Real Deal reported last week.
Finance moguls Ariella Tolkin and her husband, Ryan Tolkin, recently paid $13.8 million for the seven-bedroom, seven-and-a-half bathroom waterfront home at 4380 North Bay Road.