MAKING HISTORY IN MIAMI

Indian Creek Compound Fetches $47 Million In Miami's Most Expensive Sale Ever
By Morgan Brennan
Forbes August 7, 2012

Forbes has learned that 3 Indian Creek Island Road closed today for a record $47 million. It is now the most expensive home sale in the history of Miami-Dade County, eclipsing hedge fund billionaire Eddie Lampert’s nearby $38.4 million Indian Creek Island purchase earlier this year.

Several real estate teams were involved the deal, which was all cash. The home was co-listed with power broker team The Jills of Coldwell Banker Previews International and the Alexander Group of Douglas Elliman Real Estate. The buyer side was represented by the Alexander Group.

While the buyer’s identity remains anonymous, rumor has it he hails from Russia (the land of record-breaking billionaire home buyers) and is likely a member of the Forbes World’s Billionaires list. If that’s true, the new buyer will have some things in common with the new neighbors: Russian businessman Max Finskiy reportedly bought the plot next door earlier this year.

Indian Creek Island is an exclusive barrier island off the coast of Miami Beach. Unlike nearby celebrity enclaves like Star Island and Fisher Island, entrance to guard gated Indian Creek Island is granted only to home owners and their guests. The island touts an 18-hole golf course and 32 homes. Its privacy and security — the island is reportedly patrolled by 15 full-time policemen — has made it a popular address for billionaires that include Carl Icahn, Charles Johnson, Norman Braman and Eddie Lampert. Celebrities like singer Julio Iglesias and model Adriana Lima also own homes there.

3 Indian Creek occupies two acres, including a private beach comprised of imported Bahamian pink sand. The 10-bedroom, 14-bath compound boasts 30,000 square feet of living space constructed to feel like “a contemporary resort,” according to co-listing agent Oren Alexander, in a Forbes interview last year. Alexander’s father, Shlomi Alexander of Bal Bay Development, is the developer-seller of the property.

Built of limestone, glass and wood, the estate is comprised of five separate pavilions connected by walkways and water: a main pavilion, a guest pavilion, a spa pavilion, a gym pavilion and a media pavilion. The main pavilion houses a master suite and four additional bedrooms, a dining room, living room, library, wine cellar, and two kitchens. The guest pavilion has two bedroom suites with kitchenettes and a relaxation area with koi pond. The spa pavilion touts a massage room, chromotherapy, aromatherapy, and a steam room, and the gym pavilion boasts workout rooms with python skin-framed mirrors and a waterside yoga area. The media pavilion has a 3D projector and a professional-grade “floating” recording studio.

Other amenities include a 100-foot infinity-edge pool with underwater speakers, an outdoor dining room with built-in barbecue, a rooftop “sky bar” with jacuzzi, a vertical garden, and a “show room” with wet bar and TV lounge area capable of storing seven limo-sized cars.

Alexander says his team and The Jills had shown 3 Indian Creek to more than 50 qualified buyers since it first hit the market in late 2010. The original listing price was $60 million, later reducing to $52 million before selling for $47 million today.

“This sale sets the new standard for the Miami Beach luxury market,” says Jill Eber of The Jills, in a statement. “This property is a private resort that is a true work of art. There is the combination of amazing architecture, finishes and location. I wish we had 10 more properties like this one.”

Eber, whose team also represents the $125 million Versace Mansion, may get her wish. Having found success with this spec home project, Bal Bay Development already has plans to build two more modern resort-like homes: another on Indian Creek Island and one in Bal Harbour.