Russell Savage Finds Buyer for Miami Beach House

Billionaire Russell Savage (Weiner) is back under contract to sell his waterfront home on North Bay Road that Keith Menin gut-renovated.

The pending deal leads the 22 luxury home contracts signed in Miami-Dade County between May 11 and May 17, according to the weekly report by Douglas Elliman’s Eklund-Gomes team.

The report tracks listings of homes and condos asking $4 million and up in Miami-Dade that are included in the Multiple Listing Service. The properties spent an average of 176 days on the market.

Forty-four luxury listings were added to the market, for a total of 1,228 listings.

The previous week, buyers signed 22 contracts for properties in Miami-Dade, asking a combined $248 million.

The asking dollar volume for the 16 single-family homes and six condos under contract last week totals $238.3 million, according to the report published by the team led by Fredrik Eklund and John Gomes.

The single-family homes that entered into contract last week have an average asking price of $12.6 million and spent an average of 194 days on the market. They total $201.3 million in asking dollar volume.

At the top of the report is the waterfront home at 5300 North Bay Road in Miami Beach, asking $28 million after a couple of price cuts in February and April. Menin’s Menin Homes renovated the 0.3-acre property, which includes a four-bedroom, four-and-a-half-bathroom main house, a detached three-bedroom and three-bathroom guest house, a garage, Jacuzzi, pool and outdoor kitchen. It hit the market last fall with One Sotheby’s International Realty agents Marko Gojanovic, Reid Heidenry and Roberto Quiroz, who are with MR Luxury Group.

The property topped a signed contract report last year.

Though Menin is listed as the owner, Savage, whose legal name was Russell Weiner, is the true owner, he confirmed to The Real Deal last year. Savage made his fortune with the $3.9 billion sale of Rockstar Energy to PepsiCo in 2020.

The second most-expensive home to enter into contract is the new house at 4040 Kiaora Street in Miami’s Coconut Grove, which is on the market with Douglas Elliman’s Lourdes Alatriste for $24.9 million. The 8,800-square-foot home, with six bedrooms and seven and a half bathrooms, sits on a non-waterfront 0.8-acre lot. Sabal Luxury Builder developed the house. Compass’ Miltiadis Kastanis is representing the buyer.

The condos that secured buyers last week have an average asking price of $6.2 million and spent 127 days on the market, on average. They total $36.7 million in asking dollar volume, or an average of $2,100 per square foot.

Last week in New York, buyers signed contracts for 38 homes, according to Olshan Realty. Their combined asking price is $273.5 million, and the typical home spent 604 days on the market.