Peacock Architects Leads Redesign of $125M Miami Beachfront Megamansion
One of the largest oceanfront lots in Miami is getting a makeover, and a new price tag of $125 million.
The 1.5-acre property is located in the Golden Beach community in North Miami Beach, and its greatest asset is 250 linear feet of sandy ocean frontage.
There are approved plans to remake the existing 20,000-square-foot mansion, built in 1995, into a modern home decked in marble and which can accommodate multigenerational living. It will have an additional 5,000 square feet and 12-foot window walls across the full width of the home, according to architect Manny Angelo Varas.
“This house was created for a family of four,” said Varas, a luxury homebuilder in South Florida with MV Group USA. “But in the last 20 years we’ve seen a difference in generational compounds. They are really made for a complete family, meaning the family patriarch, their three kids and their grandkids.”
The seller is Edith Newman, who purchased the property together with her late husband, Joel Newman, founder of Craig Electronics, in the 1980s for $1.65 million, according to Miami-Dade County property records. She did not immediately respond to a request for comment.
The property was previously marketed as a teardown with the same approved plans for $100 million, cycling through several brokerage firms, but most buyers looking at legacy properties like this weren’t keen on a yearlong construction project, Varas said.
“We received multiple offers in the $70 million and $80 million-plus range, which were rejected,” he said. “The buyers at this price point really look for a turnkey product.” So the sellers have decided to invest $25 million to make the property move-in ready, he said.
The existing structure also has elements that are grandfathered in that couldn’t be rebuilt under current codes—that includes the setbacks from both Ocean Boulevard and the ocean, as well as an 18-foot basement. “You can literally have an indoor basketball court inside the home,” Varas said.
The basement, or understory, will be utilized for flood protection given the home’s proximity to the water. “We’re [using] pour-in-place concrete so it will be a true solid bunker,” he said. “You could flood the understory and it would protect the main home.”
The megamansion will also be wrapped in 12-foot impact windows walls, something that would not have been possible in the 1990s.
As for the megamansion’s main features, it will include 10 bedrooms, a monumental entryway, a double-height great room, with a floor-to-ceiling marble slab fireplace, that leads to a bar and lounge area. There are multiple family rooms and studies, a dedicated morning room off the kitchen, an expansive ocean-facing pool deck with a cabana, outdoor kitchen and adjacent guest house.
The 1.5-acre property is located in North Miami Beach, featuring 250 linear feet of sandy beach.
INTERNATIONAL DESIGNERS BY RC
The 10-bedroom home is being built by architect and developer Manny Angelo Varas.
INTERNATIONAL DESIGNERS BY RC
The interiors feature a plethora of reflective surfaces, white and black marble flecked with gold, and ocean views in nearly every room.
Interior demolition has begun, and Varas hopes to complete the project within 12 to 18 months. If a buyer comes in before then, they can be involved in the final design and selection of finishes, he said. The property is not being represented by any brokerage at the moment, but the sellers are accepting offers within range of the $125 million asking price.
“Looking at square footage, it is about $5,500 per square foot,” Varas said. “Ironically, that’s a cost effective price point when you look at comps.”
Among his other projects is a $50 million “flood-proof” home in Palmetto Bay, which is under construction, and a home purchased by Jeff Bezos for his parents in the same area.