On the exclusive, man-made island neighborhood of Palm Island, just off the coast of Miami Beach, a newly built waterfront home sold for a whopping $40,000,000, setting a new record in the process.
This sale marks the highest price ever paid for a property on Palm & Hibiscus Islands, surpassing the previous record of $32 million set in February 2023.
“40 Palm Ave sold at a 25% premium over any other property that has ever been sold on Palm & Hibiscus Islands,” listing agent Liz Hogan of Compass tells us, undoubtedly excited about the home run she brought in for the brokerage.
And just in case you were wondering what $40 million buys you in the ultra-exclusive Palm Island, here’s a breakdown of everything this record-breaking property has to offer.
Property overview
The stunning Palm Island estate spans an expansive 14,930 square feet. The property boasts 8 bedrooms, 9 bathrooms, and 4 half baths, with plenty of space for residents and guests.
With nearly 15,000 square feet to work with, the architect designed an open and airy floor plan optimized for entertaining. The home seamlessly combines indoor and outdoor living spaces and comes with some extra cool features like a state-of-the-art home theatre and a gym with steam and sauna.
Architecture and design
Designed by renowned tropical modern architect Cesar Molina, 40 Palm Avenue is a stunning new construction masterpiece featuring his signature style.
Molina is considered one of the preeminent architects in Miami and has designed some of the area’s most exclusive waterfront estates. His aesthetic combines clean lines, an abundance of natural light, and seamless indoor-outdoor living spaces.
For this property, Molina opted for a contemporary facade with sleek white stucco walls, floor-to-ceiling windows, and minimalist detailing. The layout takes advantage of the home’s waterfront location, with rooms oriented towards water views and the Miami skyline.
Molina’s trademark tropical modern look shines through in the open floor plan, breezy rooms, and abundance of outdoor living areas like balconies, patios, and sundecks. Natural stone and wood accents add warmth, while black accents add a note of drama and elegance to the space.
Interior highlights
The interior design of 40 Palm Avenue showcases the finest craftsmanship and luxurious amenities. The gourmet kitchen features custom Mia Cucina cabinetry with integrated appliances by Subzero and Wolf.
The cabinetry offers a seamless blend of form and function, with soft-close drawers, pull-out shelves, and clever storage solutions. Gorgeous countertops made from exotic stones complement the clean lines of the cabinetry.
The finest finishes
Beyond the kitchen, the home is outfitted with only the best furnishings and finishes.
Fine detailing abounds, from the lighting fixtures to the door hardware. No expense was spared to create a refined, comfortable ambiance using quality materials and impeccable attention to detail.
Primary bedroom with private oasis
The primary bedroom is an oasis unto itself, featuring a private patio area complete with a luxurious pool just steps from the master bed.
After waking up in the sprawling bedroom suite, residents can walk out to their own secluded outdoor paradise without even leaving the main bedroom.
The patio provides plenty of space for lounge chairs, dining areas, and landscaping around the pool and surrounding the patio itself. Palm trees sway below while sunshine reflects off the turquoise water, creating a serene ambiance.
Rooftop terrace with rare elevator access
One of the most unique features of 40 Palm Avenue is the rare rooftop terrace with elevator access.
The spacious rooftop terrace provides stunning 360-degree views of the surrounding palm trees, turquoise waterways, and the Miami skyline in the distance. It’s an ideal spot for entertaining or simply relaxing and soaking in the scenery.
The rooftop terrace comes with the added perk of having direct elevator access from the inside the home. The elevator opens right onto the rooftop, making it easy to transport guests, food, and decor upstairs.
The Zen spa
“Aside from the incredible tropical architecture design found throughout the home, 40 Palm Ave had an incredible spa with a stone-clad steam room & sauna,” agent Liz Hogan shares, when ased about the most impressive areas of the record-breaking house.
“It is a very zen space and a room that I would use quite often if I lived there.”
The guest house
The estate features a detached upstairs guest home, providing private accommodations separate from the main residence. This self-contained guest house is located above the 4-car garage and can be accessed via a separate entrance and staircase.
With its own bedroom, bathroom, and living space, the guest house functions as a secluded apartment ideal for visiting friends and family or live-in staff.
Boat dock and water frontage
The property features a private boat dock along with a generous 100 feet of water frontage, providing direct access to Biscayne Bay and the Atlantic Ocean.
Set in a ritzy enclave
Surrounded entirely by water, Palm Island provides a secluded oasis for Miami’s elite seeking privacy and luxury living.
The island was developed in the 1920s and became a haven for wealthy business tycoons, socialites, celebrities and politicians over the years. Notable residents have included notorious gangster Al Capone, actor Nick Nolte, musician Gloria Estefan and more.
Palm Island is accessible only by the MacArthur Causeway and is guarded by a security gate, adding to its appeal as an exclusive enclave. The neighborhood consists mostly of waterfront estates, many in Mediterranean style, on lots measuring an acre or more. And prices reflect the exclusivity of the area.
Home values on Palm Island range from $3.5 million to over $40 million for the most exclusive properties, with the median listing price for the ritzy enclave sitting at a hefty $12 million.
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