Ft. Lauderdale Set to Break Residential Sales Record with $70M Waterfront Sale

A luxury waterfront estate in Fort Lauderdale has sold for an astonishing $70 million, setting a new record for the area. This expansive property, located at 5 Harborage Isle at the intersection of the Intracoastal and New River, spans 2.7 acres and offers an impressive 1,035 linear feet of waterfront. The estate includes two homes: a 20,000 sq ft main residence with six bedrooms, 11 bathrooms, and a seven-car garage, alongside a guest house featuring four bedrooms, 4.5 bathrooms, and a three-car garage.

Future Plans for the Estate

The new owner has plans to remodel the property, intending to replace the current main residence with a more modest home. This transaction was brokered by The Elmes Group of Compass Florida, while Michelle Howland, LLC represented the seller. Notably, The Elmes Group has handled the sale of this estate six times since 1990, underscoring its value and appeal in the luxury market.

A Legacy of Luxury and Privacy

Tim Elmes of The Elmes Group expressed his excitement about the sale, noting the property's unique offering of both luxury and privacy. The seller, financier and philanthropist Donald Sussman, had purchased the estate in 2016 for a record-breaking $27.5 million. Sussman emphasized that the property holds sentimental value and expressed confidence that the new owners will care for it well.

Fort Lauderdale’s Growing Appeal

This sale solidifies Fort Lauderdale’s position as a leading destination for luxury real estate buyers. According to Elmes, the city's ability to offer a high level of sophistication and attract affluent buyers from around the globe is reflected in transactions like this. The Elmes Group continues to see strong demand in Fort Lauderdale’s luxury market, with multiple properties listed between $2 million and $50 million, and ongoing negotiations for several homes in the $40 to $50 million range.