Spec developer Francisco Perez sold a waterfront North Bay Road mansion in Miami Beach for $23.3 million after a trio of price cuts this year.
Records show Perez’s N Bay Rd Developments LLC, a Florida entity, sold the house at 5310 North Bay Road to North Bay Road Land Trust.
Danny Hertzberg of the Jills Zeder Group at Coldwell Banker Realty had the listing, and his mother and teammate Jill Hertzberg brought the buyer. She declined to comment on the buyer’s identity.
Perez is a Fort Lauderdale-based spec developer with a track record of investing in Miami Beach. In 2022, he dropped $13 million on a Sunset Islands teardown.
Records show he bought the North Bay Road mansion from attorney Stephen Zack and his wife for $13.6 million in 2021. The house was built in 1950 and expanded in 1997 and 2008, according to property records. Perez finished a near complete rebuild of the mansion last year, Hertzberg confirmed. It spans 8,500 square feet, with six bedrooms, eight bathrooms, one half-bathroom, a pool and a dock, the listing shows.
Perez listed the mansion for $31.5 million in January, then slashed the price twice before selling for $23.3 million this month.
North Bay Road is one of the most coveted addresses in Miami Beach’s luxury market. Billionaire media mogul Barry Diller shined a spotlight on the street earlier this year when he dropped a record $45 million on a waterfront 1.5-acre lot in April. In May, local dentist Howard Davis sold his waterfront home for $21 million in an off-market deal.
Venture capitalist Chris Burch, ex-husband of designer Tory Burch, listed his waterfront North Bay Road estate for $49 million last year but has found no takers.