David Farmer, the vice president of product for crypto exchange Coinbase, bought a non-waterfront lot on Miami Beach’s La Gorce Island.
Records show Farmer bought the lot at 31 La Gorce Circle from spec developer Todd Glaser for $10.4 million.
Zachary Vichinsky and Brett Harris with Bespoke Real Estate Florida had the listing, and Roberto Quiroz with One Sotheby’s International Realty brought the buyer.
Farmer is a veteran executive with Coinbase. He started at the exchange in 2015, just three years after co-founders Brian Armstrong and Fred Ehrsam launched Coinbase as part of the prestigious Y Combinator startup incubator program.
Glaser is a prolific spec developer in South Florida, known for setting price records in the upper echelons of the market. In 2024, he sold a private island in Palm Beach to Australian billionaire Michael Dorrell for $150 million. Last summer, he bought a waterfront North Bay Road compound for $105 million, with plans to either flip the estate for $169 million or redevelop it into a spec mansion asking $300 million.
He bought the lot on La Gorce for $8.3 million in 2022, property records show. The 0.6-acre site was listed as a development opportunity with plans for an 8,000-square-foot mansion, asking as much as $17.4 million, Zillow shows.
La Gorce has been the site of some of Miami Beach’s most expensive deals in recent years. Last year, developer James Curnin and his wife, Jennifer Curnin, sold their newly completed waterfront mansion for $60 million. The year prior, spec developer Philippe Harari’s AquaBlue Group sold a waterfront spec mansion for $62.5 million.
Both deals fell short of the $100 million price record set by consumer products mogul Anand Khubani, who dropped nine digits on a 2.4-acre waterfront assemblage on the island in 2024.
More recently, in March, hedge fund manager Nick Maounis paid $31.5 million for the home neighboring the $75 million mansion he bought last year, bringing his total La Gorce property spend to $106.5 million.