The migration from California to Miami continues.
Venture capital investor Ben Ling and front-end web developer Chris Coudron paid $29.5 million for a waterfront mansion in Miami Beach, sources told The Real Deal.
The sale nearly matches the recent Palm and Hibiscus islands record $30 million sale for another estate on Palm Island.
Ling, founder and partner of San Francisco-based Bling Capital, and his partner, Coudron, acquired the eight-bedroom, 11,058-square-foot mansion at 135 Palm Avenue, sources said. A company led by spec home developer Pascal Nicolai of Sabal Development sold the home.
Jeff Miller of One Sotheby’s International Realty and Mathieu Rochette of Compass represented the seller. Compass’ Liz Hogan represented the buyer. Miller and Hogan declined to comment on the buyer, and Rochette did not immediately respond to a request for comment.
The mansion features chef and prep kitchens, a movie theater, second-floor master suite, an infinity edge marble pool and Jacuzzi, a summer kitchen and cabana, a guest house and a rooftop lounge. The smart home was completed on a 0.7-acre lot last year, records show.
Ling previously worked at Google, YouTube and Facebook and is an investor in Lyft, Square, Palantir and other firms, according to his bio.
Miller said the property received multiple offers, as the influx of buyers from California, the Northeast and Chicago continues.
“We’ve seen a huge increase in demand and a significant decrease in supply,” Miller added.
Hogan, who represented the buyer, was involved in the record $30 million sale of 94 Palm Avenue in August. She said Palm Island, with larger lots than other Miami Beach islands, “was undervalued for a long time” and is now “changing dramatically.”
A number of tech buyers have moved to Miami over the past year, in part motivated by Miami Mayor Francis Suarez’s efforts to woo Big Tech firms to the Magic City.
Keith Rabois, a member of the “PayPal Mafia” and an early investor in Opendoor; and Shutterstock founder Jon Oringer are among the major investors who have purchased mansions and relocated to Miami Beach.