Karlton Companies bought a waterfront teardown on the Sunset Islands in Miami Beach, with plans to build an ultra luxury spec mansion, The Real Deal has learned.
A company, led by father and son Fred and Aaron Karlton, paid $19 million for the half-acre property at 1649 West 22nd Street on Sunset Island IV. Property records show 164922 LLC, led by Steven Price, sold the home.
Fred Karlton said he and his son plan to build a 10,500-square-foot house with seven bedrooms, a media room that can be converted into an eighth bedroom, nine full bathrooms and two half-bathrooms. The mansion will also include a lower level that can house eight cars, and a dual-level pool that will flow down from the main floor to the lower level.
Julian Johnston with The Corcoran Group represented the buyer and seller, according to the listing. Johnston noted that the two properties next door that are under construction are nearly completed. Both are being built for end-users.
“When [1649 West 22nd Street] is under construction, it’ll be the only west-facing home for sale on the Sunset Islands,” Johnston said.
The property is currently home to a 4,845-square-foot, three-story house that was built in 1988. Karlton said he plans to have that house demolished after Labor Day weekend. Construction would take about 14 months to complete. He said he does not yet know what price he will ask for the completed mansion.
Records show the older home previously traded for $13.4 million in 2021, so it appreciated in value nearly 42 percent in about three years.
Miami Beach-based Karlton recently completed the waterfront mansion at 6494 Allison Road in Miami Beach, which is asking nearly $35 million. The company is looking for other properties to purchase and redevelop, Fred Karlton said.
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In July, Starwood Capital managing director Austin Nowlin sold the waterfront home at 2770 Sunset Drive to a hidden buyer for $16.7 million. Nowlin bought the Sunset Island I house for $5.7 million in 2020.
That same month, Douglas Elliman agent Oliver Lloyd sold a waterfront Sunset Islands spec mansion for $34.4 million. The price fell short of the record $36 million former Google CEO Eric Schmidt paid for the waterfront Sunset Islands home of Craig Robins and Jackie Soffer nearly a year ago.