Real Estate

Key Biscayne Home With Private Cove Lists for $60 Million

Oh, there are lots of fancy homes for sale in Miami on the water, but darling, darling, don't you know that's absolutely basic compared to a home with its own private cove? Fortunately, there's just such a home with its own private cove for sale on the tip of Key Biscayne. It's been listed for $60 million, and if it goes for anything near that amount, it would be the single most expensive home ever sold in Miami-Dade. But private cove opportunities come up only every so often.

The property at 775 S. Mashta Dr. has quite the history. The manmade land that creates the cove was created by William John Matheson in 1908. The industrialist at the time owned about two-thirds of Key Biscayne, and this property was his crowning jewel. (Matheson had a thing apparently for manmade bodies of water, as anyone who has visited the lagoon at Matheson Hammock Park knows.)

Forbes notes that Matheson's original home was destroyed in the '50s, and the current home sitting on the property was built in 1991. Its currently owned by unnamed Latin American owners who rent it out for as much as $50,000 a month. Listing agent Jorge Uribe of ONE Sotheby's International Realty stresses that the home could be renovated and that the property has room for up to two more homes.

The property could beat the record for a residential real estate sale in Miami-Dade. That was set last year when a penthouse at the under-construction Faena District in Midbeach went for $50 million.

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Kyle Munzenrieder

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