Palm Island neighbors combine homes for $150M listing

One Palm Island resident had the gall to tell the homeowner next door, “Lend me your real estate. I am your neighbor!” And they agreed!

Two adjacent homeowners are marketing their three luxury Miami Beach homes for a combined $150 million, the Wall Street Journal reported. The homeowners are trying to make out like bandits as wealthy buyers continue showing interest in Miami.

The idea originated as all good ideas do: over a bottle of wine. Jorge Luis Garcia, former owner of Orlando Family Physicians, pitched the idea of marketing his two waterfront properties alongside the adjacent property owned by Juan Miguel Almeida and Adria Adrian Almeida.

Addressed at 190 Palm Avenue, the listing includes three waterfront homes with a combined 300 feet of water frontage across two acres of land. The listing includes 20 bedrooms, 28 bathrooms and more than 35,000 square feet of living space, breaking down to $4,239 per square foot.

Each house has a pool, dock and four-car garage. They were built between 2008 and 2016 as part of a family compound by developer Pedro Adrian — Adria Adrian’s father — before his son, Alvaro Adrian, sold his property to Garcia in 2019 for $13.9 million. Two years later, Pedro Adrian sold his own property to Garcia for $17 million, who proceeded to rent it out for $120,000 per month.

The price is astronomical, but buyers can take heart in knowing the properties will be fully furnished when they move in. Prospective buyers should know that the Palm Beach sales record recently fell at $32 million and the median price for a luxury single-family home in the third quarter was $19.8 million, according to Miller Samuel.

Coldwell Banker Realty’s Cesar Powell has the listing.

Buyers who tour one of the three properties and want to stop there shouldn’t bother going out to Palm Island — the listing is an all or nothing proposition.

“If we don’t get that number, we’re not selling,” Juan Miguel Almeida told the Journal.

— Holden Walter-Warner

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