A waterfront Miami Beach home built in 1939 sold for $21 million, more than double its previous sale price a year ago.
Property records show a Florida company named after the address sold the 7,765-square-foot house at 6300 North Bay Road to an identically named company registered in Delaware. The buyer’s identity is unknown.
Michelle Simkins, who is married to Rubell Hotels’ Jason Rubell, is listed as a manager of the seller’s entity in state corporate records. She is the daughter of the late Leon Simkins, CEO of Simkins Industries, a paper products company.
The law firm Bilzin Sumberg manages the buyer’s entity.
The house traded for 118 percent more than its January 2021 sale price of $9.7 million, marking another indicator of the red-hot market for waterfront homes in Miami Beach.
Devin Kay with Douglas Elliman represented the seller, while Jill Hertzberg of The Jills Zeder Group at Coldwell Banker brought the buyer. Both agents declined to comment.
The six-bedroom, seven-and-a-half-bathroom house was designed by the late architect Russell Pancoast and sits on a 0.6-acre lot with over 100 feet of bay frontage, according to the listing. The home could be torn down or renovated.
Simkins and Rubell own other properties on the ritzy street. In November, the couple paid $10.5 million for a waterfront house at 6500 North Bay Road.
Since the pandemic began and wealthy out-of-state buyers flooded the market, buyers on North Bay Road have included Cindy Crawford and her husband Rande Gerber, private equity billionaires like Apollo Global Management co-founder Josh Harris and cryptocurrency CEOs, such as the head of MoonPay. Home flips have become more common.
Last month, spec home developer Barry Brodsky sold a waterfront house on Lakeview Drive in Miami Beach for $15.3 million. He had purchased it in 2020 for $5.3 million, and restored it.
And in an even shorter period of time, retired Miami Heat star Chris Bosh sold his mansion at 6396 North Bay Road to AquaBlue Group for $14.4 million last year, and AquaBlue just flipped it to MoonPay CEO Ivan Soto-Wright for $39 million. That’s up 170 percent, or nearly three times Bosh’s sale price.