$120M Shore Club Penthouse to Become Miami's Most Expensive Home

An oceanfront penthouse in Miami Beach, Florida, is poised to become the most expensive condominium ever sold in the area, with a contract price exceeding $120 million. This surpasses the previous record by a significant margin.

Luxurious Features and Location

Situated within the Shore Club Private Collection, the penthouse boasts approximately 10,500 square feet of living space, complemented by expansive terraces totaling around 7,500 square feet and a private rooftop pool. Despite the substantial price tag, the identity of the buyer remains undisclosed.

Development Background

The Shore Club redevelopment project has been a long time in the making, involving the transformation of two historic hotels: the Shore Club hotel dating back to the 1940s and the Cromwell Hotel, an Art Deco building from the 1930s. Designed by Robert A.M. Stern Architects, the project encompasses 49 private residences distributed between the original Cromwell Hotel and a newly constructed 200-foot tower. Additionally, a stand-alone mansion facing the beach and a five-star resort operated by Auberge Resorts Collection are part of the development. Sales commenced in early 2023, with prices ranging from approximately $6 million to $40 million, excluding the penthouse.

Architectural Collaboration and Design Aesthetics

Robert A.M. Stern Architects collaborated with Kobi Karp Architecture & Interior Design on the project, infusing the interiors with a yacht-inspired design and a color palette evoking the coastal landscape. Douglas Elliman Development Marketing is spearheading sales efforts.

Market Trends and Rising Demand

Miami's luxury real estate market has experienced a surge in demand, particularly during the COVID-19 pandemic, as affluent individuals from the Northeastern United States have migrated to Florida. Notably, in 2022, hedge-fund billionaire Ken Griffin acquired a waterfront estate in Miami's Coconut Grove for over $100 million, marking a significant milestone in the city's real estate history. Developers in Miami have responded to this demand by introducing high-priced luxury units, such as Aman Miami Beach and the redevelopment of the historic Raleigh Hotel, with penthouses commanding prices as high as $150 million.