Crescent Heights co-founder Sonny Kahn sells oceanfront Golden Beach mansion for $21M

Developer Sonny Kahn sold an oceanfront Golden Beach mansion for 50 percent more than his purchase price three years ago.

The Crescent Heights co-founder sold the house at 115 Ocean Boulevard to 115 Ocean Blvd GB LLC for $21 million, property records show. The buyer is managed by Shimon Katz. The entity financed the deal with a $13.7 million loan from First Republic Bank.

Kahn sold the nearly 1-acre property through his entity, Ejnra Ltd. It includes a 9,525-square-foot house with four bedrooms, three bathrooms and two half-bathrooms.

Ezzy Duchman of Eden Properties represented the buyer and seller.

The previous owner expanded the two-story home with a 1,386-square-foot addition and a new patio in 2018, the same year Khan acquired the property for $14 million. The mansion was built in 1936.

Khan and his wife, Suzanne Passi Kahn, own the home next door at 105 Ocean Boulevard. They paid about $6.6 million for that property in 2009. It includes a 5,200-square-foot house that was built in 1956 on a nearly 18,000-square-foot lot.

He and his wife also own a waterfront mansion on North Bay Road in Miami Beach.

Kahn co-founded Crescent Heights, a Miami-based development company, with Russell Galbut and Bruce Menin. The company is a prolific developer in Miami and Miami Beach, as well as in Los Angeles, Seattle and Chicago.

Golden Beach, a wealthy town immediately north of Sunny Isles Beach, has experienced a jump in luxury home sales. In June, Sandra Levy, the widow of the late real estate developer Sidney Levy, sold the oceanfront mansion at 577 Ocean Boulevard for $22.2 million.

The previous month, billionaire Phillip Ragon paid $20 million for the oceanfront Golden Beach home that once belonged to Sammy Sosa.