Todd Glaser and Partners Spending $105M on Miami Beach Home

Spec home developer Todd Michael Glaser is looking to set another record — this time in Miami Beach.

Glaser and his partners are under contract to acquire the waterfront 2.3-acre estate at 5940 North Bay Road for $105 million, according to real estate agent Nelson Gonzalez. Developer Sonny Kahn, a founding partner at Miami-based Crescent Heights, and his wife Suzanne are selling the property, records show.

The Wall Street Journal first reported the pending deal. It’s expected to close in about two months.

The Kahns paid $2.4 million for the property in 1991, records show. The now 19,000-square-foot house was originally built in 1936 and later expanded. It has eight bedrooms, 13 bathrooms and three half-bathrooms.

Gonzalez said that Glaser and his partners will either try to flip the property for a price in the $150 million to $175 million range, or redevelop the waterfront lot into a spec mansion that could hit the market for $250 million. Gonzalez isn’t involved in this deal, but would list the property.

Either way, the existing pending sale will set a record for waterfront home sales in Miami Beach.

Last year, brand mogul Anand Khubani paid $100 million for an assemblage on La Gorce Island in Miami Beach, setting a city record.

Glaser’s sale is set to mark another sign of significant activity on North Bay Road in recent months. Khubani recently paid $40 million for the waterfront mansion next door to the Kahns. Billionaire Jamie Salter, the founder, chairman and CEO of Authentic Brands Group, sold the recently completed estate at 5970 North Bay Road to Khubani in January.

“North Bay Road is the Park Avenue of Miami Beach because you’re on the wide bay,” Gonzalez said. Past owners on the street have included Dwyane Wade and Gabrielle Union, Matt Damon, Jennifer Lopez, Ricky Martin and Billy Joel.

He said the Kahns’ lot is nearly 500 feet deep, which is rare for Miami Beach. The property includes a pool, dock, tennis court and a long driveway leading up to the estate.

Last year, David and Victoria Beckham paid $72.3 million for a waterfront spec mansion on North Bay Road that holds the price record for the street. Days later, Richard Saghian, the billionaire founder and CEO of Fashion Nova, paid $30 million for a waterfront spec home also on North Bay Road and the non-waterfront house across the street.

In December, billionaire hedge fund manager Dan Loeb sold his waterfront mansion on North Bay Road for $35.5 million.

And in April, billionaire media tycoon Barry Diller, who is married to Diane von Furstenburg, bought Bruce Beal Jr.’s waterfront lot at 5930 North Bay Road for $45 million.

Glaser and his partners sold the waterfront Tarpon Island estate in Palm Beach last year for $150 million, marking one of the most expensive single-family home sales in Florida.