Key Biscayne Home With Private Cove Lists for $60 Million

Keep New Times Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Miami and help keep the future of New Times free.

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.

Follow Miami New Times on Facebook and Twitter @MiamiNewTimes.

Keep Miami New Times Free... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Miami with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.


Join the New Times community and help support independent local journalism in Miami.


Join the New Times community and help support independent local journalism in Miami.