Douglas Elliman agent Oliver Lloyd paid $11.2 million for a waterfront teardown in Miami Beach, with plans to build a mansion.
Lloyd and his wife, Laurie, closed on the house at 2700 Sunset Drive on the Sunset Islands, he said. The couple tapped developer Todd Michael Glaser to build a seven-bedroom, roughly 9,000-square-foot home on the property. AI2 Design Corp. is the architect.
Sylvia Montelongo Moss, via a trust in her name, sold the four-bedroom, 9,278-square-foot home on the property. Built in 1988, it sits on a 20,000-square-foot lot with about 100 feet of water frontage on Sunset Island II. Moss was married to the late David Moss, who founded Miami-based Catalina Lighting and World Office Products Manufacturing, according to an obituary in the Sun Sentinel.
Bill Hernandez and Bryan Sereny, also with Elliman, represented the seller. The property was asking just below $12 million. Lloyd represented himself.
The market for single-family homes, especially those on the water, has exploded over the past year, and flips have become more common.
Lloyd said he and his wife plan to live in the new mansion, but could sell it depending on the market when they complete it. They have been renting a home in Miami Beach since they flipped their Biscayne Point house at 1220 South Biscayne Point Drive in Miami Beach for $8.7 million. Lloyd paid $5.5 million for that house in July 2020, and sold it a year later for 57 percent more than he paid.
The new Sunset Islands home will have a gym with a sauna and steam room, a 50-foot pool, a movie theater, and will fit a 90-foot boat.
The existing house could be knocked down in the next 45 days, with construction on the new mansion beginning the first week of December, Lloyd said.
More real estate agents are buying multimillion-dollar properties. Another Elliman agent, Dina Goldentayer, last month paid $8.9 million for developer David Martin’s Venetian Islands home.
Dora Puig, who is the broker and owner of Luxe Living Realty, acquired the waterfront house next to hers, also on the Venetian Islands, in May for $9 million.