Three luxury waterfront properties on Miami Beach's exclusive Palm Island have been relisted for a staggering $150 million, maintaining their record price for the island.
Originally offered for sale in 2023, the combined properties are back on the market, offering an opportunity for buyers looking for the ultimate in exclusivity and scale, according to Mansion Global.
The properties are being sold as a package by Jorge Luis Garcia and the Adrian Maria and Adrian Almeida Fund. The listing is represented by Fredrik Eklund of Douglas Elliman.
Garcia, who led the decision to consolidate the parcels, cited the scarcity of land with prime waterfront as the main motivation.
“Right now, there is nothing available on the market that compares or even comes close to this list,” he said.
Eklund highlighted the rarity of combining three properties in one deal, emphasizing the vastness of the combined plot of land.
“It's not for everyone, but the three homes together give the new buyer a lot of flexibility, especially for large families like the royals who have a large number of staff and security needs,” he said.
The Mediterranean-style properties were developed between 2008 and 2016 by the late Pedro Adrian, a prominent real estate developer. Adria Almeida's father, Adrian, bought the first lot in 2004 for $3.45 million, turning the land into a private family compound.
Garcia later acquired two properties, purchasing one in 2019 for $13.9 million and another in 2021 for $17 million.
He now believes that the timing is ideal to restore the list.
“Due to the lack of comparable inventory,” and “the dramatic increase in price per square foot on luxury waterfront properties,” the decision to sell was obvious, he said.
Data from Miller Samuel confirms Garcia's point. Luxury waterfront properties on The Palm have seen a significant rise in value, with the median price of single-family homes rising 52.5% year-over-year in Q4 2024, and Grade A listings rising a staggering 117.2%. %.
Spanning two acres with 300 feet of waterfront, the complex offers 35,385 square feet of exceptional living space across its three homes.
Together they include 21 bedrooms, 25 full and six half bathrooms, three swimming pools and private docks capable of accommodating yachts. Each property also includes a four-car garage.
Garcia pointed out the homes' alignment with a growing trend in Miami Beach: larger properties designed to maximize square footage.
“There is no waterfront land available for anyone to continue this trend or even expand,” he said.
Eklund agreed that market conditions favor selling.
“There is some hope that Florida will continue to rise [and become an] Electable [option] “For billionaires and the elite,” he said. “The stock market and Bitcoin are at all-time highs. Florida has seen several massive sales of $100 million and more in the past few months.
