Anand Khubani Of Ideavillage Products Corp Purchases Miami Beach Mansion From Jamie Salter For $40M
5970 North Bay Road
$40,000,000
$2,754/SF
Building Size
14,520 SF
Asset Type
Single Family
Closing
Jan 23, 2025
AI
The property asset involved in this transaction is a 14,520-square-foot single-family home located at 5970 North Bay Road in Miami Beach. The estate spans 0.7 acres and was sold for $40 million, translating to a price per square foot of $2,755.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $40,000,000
- Address: 5970 North Bay Road
- Market: Miami Beach
- Square Footage: 14,520
- Price Per Square Foot: $2,755
- Buyer: Anand Khubani - Ideavillage Products Corp
- Seller: Jamie Salter - Authentic Brands Group
- Buyer's Representative: Evan Weiss - 305 Degrees Realty
- Seller's Representative: Cyril Matz - Douglas Elliman
The transaction features brand magnate Anand Khubani acquiring the waterfront mansion from billionaire Jamie Salter, founder and CEO of Authentic Brands Group, in an off-market deal. The estate includes luxury amenities such as a spa, two pools, and a theater, with Todd Glaser as the developer, Kobi Karp overseeing the design, and Slim Keskes managing the interiors.
Players
Miami Beach Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93