Developer Michael Klinger sold another mansion in Bal Harbour, marking the priciest home sale in the village this year and exceeding his initial expectations.
Affiliates of Klinger’s Saber South Real Estate sold the 10,800-square-foot estate at 56 Bal Bay Drive for just shy of $43 million, according to the agents involved in the deal. The deed has not yet been recorded, so the buyer is unknown.
The modern home, designed by Miami-based NMD Nomadas, has seven bedrooms and eight and a half bathrooms on a half-acre lot. It was on the market with Douglas Elliman’s Dina Goldentayer and Joel Lusky of the Brokerage South Florida. Elliman’s Cindy Orlinsky represented the buyer.
Klinger’s entities paid $15.4 million for the home in 2022, according to property records. The house fronts the Intracoastal Waterway with 100 feet on the water. Klinger told The Real Deal in 2022 that he planned an extensive renovation of the home, and that he hoped to sell the property for $30 million. Klinger kept the shell of the house, which was built in 2008.
Lusky said the latest sale sets a record for the south side of Bal Harbour, crediting Klinger for the “exceptional” home.
“I may be sounding like a bit of a contrarian, but I actually think the luxury market will be going higher,” Klinger said at the time. He was right. Prices continued to rise, more than doubling in some neighborhoods.
Luxury homes have continued to trade and set records, even heading into the slow summer months. This month, music producer Tommy Mottola, and his wife, Mexican singer and actress Thalía, sold a new mansion for nearly $17 million, setting a record for non-waterfront home sales in Bal Harbour. Also in June, a company led by smartphone mogul Samuel Ohev-Zion sold the home at 166 Bal Bay Drive for $26 million. A company managed by real estate investor Moses Strauss and interior designer Susan Strauss bought the home.
Brokers say they are seeing buyers from California and other high-tax states flee to South Florida.
Earlier this year, Klinger and his wife, Michelle, sold their Golden Beach home for $27.1 million to a Delaware LLC. Goldentayer and Lusky also brokered that sale.
Klinger, formerly of the Blackstone Group and Related Companies, is the founder of his real estate development firm, which has expanded its spec home portfolio in Miami’s waterfront enclaves, including Golden Beach, in recent years. In November, he sold the extensively renovated home at 220 South Island Drive for $13 million, after buying it for $9.3 million the year prior, records show.
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