Palm Island Mansion Sells for $40 Million, Breaks Record

Chilean developer Claudio Fischer's company just shattered a Palm Island record with the sale of a not-so-humble abode.

May 15, 2024

Image: The front of the $40 million Palm Island house

This is what $40 million will get you on the exclusive Palm Island. Photo by Compass Florida

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Welcome back to another edition of "What Miami real estate are rich people buying?"

On today's episode, New Times highlights the 14,930-square-foot waterfront estate that just sold for a mind-boggling $40 million on Miami Beach's private and ritzy Palm Island — an exclusive community off the MacArthur Causeway where crime boss Al Capone once had a house.

click to enlarge

An aerial view of the $40 million Palm Island estate

The waterfront mansion comes with a private dock to house your yacht.

Photo by Compass Florida

It's the priciest recorded sale on Palm and Hibiscus Islands, according to the listing agent, Liz Hogan of real estate group Compass. (You know, just a cool $2,679 per square foot.)

The previous record was set at $32 million when hedge fund executive Ron Ozer purchased a 14,000 square-foot, six-bedroom Palm Island home in February 2023.

40 Palm Avenue, which was designed by "tropical modern" architect Cesar Molina, spans eight bedrooms, nine bathrooms, and four half-baths. The house sits on a 32,000-square-foot lot, according to Miami-Dade County property records.

click to enlarge

Interior of a $40 million Palm Island mansion

The home features Mia Cucina cabinetry and Wolf Sub-Zero appliances.

Photo by Compass Florida

The seller was prominent Chilean developer Claudio Fischer's company FK Florida Investments, which had acquired the property for $5.4 million in 2012, according to county records. Fischer is known for co-founding Sun Dream, operator of a large portfolio of casino and resort properties in Latin America. The Palm Island mansion's buyer was MI 8787 LLC, a Delaware firm, care of lawyer Justin Brook, the South Florida Business Journal reports.

click to enlarge

Waterfront view at $40 million Palm Island Mansion

The waterfront view at 40 Palm Island Avenue

Photo by Compass Florida

The mansion includes a four-car electric garage, a detached guest house, a home theater, a gym with a sauna and steam room, a private boat dock with 100 feet of waterfront access, and a rooftop terrace that overlooks the Miami skyline. (Don't worry if you have trouble taking the stairs to the rooftop. There is an elevator). The master bedroom has its own private pool and patio.

click to enlarge

The primary bedroom inside a $40 million Palm Island estate

Photo by Compass Florida

"40 Palm Avenue is an exquisite new construction masterpiece on the idyllic Palm Island in Miami Beach," a description of the property reads.

Naomi Feinstein is a staff writer of Miami New Times where she primarily focuses on news. Naomi started her career with New Times as a summer intern in 2019, then returned as a fellow in August 2022 before joining the staff full-time in February 2023. She graduated from University of Miami where she contributed to the student-run newspaper, the Miami Hurricane. She holds a master’s degree and graduated with honors from the Columbia School of Journalism. In 2021, Naomi was recognized as the College Journalist of the Year from the Society of Professional Journalists of Florida, and she placed second for Best General News Story in the 2021 Pinnacle Awards.

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