Exclusive | Miami Beach mansion sells for $27M in an all -cash deal after last trading hands for $16.1M in 2024

A waterfront home on North Bay Road in Miami Beach has sold for $27 million, Gimme Shelter has learned. While that’s less than the original $32.5 million ask last October, it’s still a massive $10 million-plus profit for the sellers, hotelier Keith Menin and Rockstar Energy founder Russell Savage, formerly known as Russell Weiner.Menin and Savage paid $16.1 million for the property at 5300 N.

Bay Rd.in 2024 and then renovated it. The buyer “is a young, successful entrepreneur in tech who has lived in Miami but never on North Bay Road, and he wanted to give it a try,” an insider told Gimme.

It was an all-cash deal. The 4-mile road, known as Miami Beach’s swankiest, boasts past and present property owners including Cindy Crawford and Rande Gerber; David and Victoria Beckham; Jennifer Lopez; Shakira; Karlie Kloss and Josh Kushner; Apollo’s Josh Harris, Barry Diller; and Steve Witkoff, Donald Trump’s special envoy to the Middle East.Still, it was not the easiest property to sell.Built in 1998, the compound features a three- to four-bedroom white stucco main house with a Spanish-style roof, along with a separate two- to three-bedroom guest house — all on just under a third of an acre.  “This house was tailored to a very specific buyer.We walked a lot of people through the house.

People loved it — Mediterranean with modern interiors, which Keith [Menin] does very well,” said ONE Sotheby’s International Realty’s Marko Gojanovic, who shared the listing with fellow brokers Reid Heidenry and Roberto Quiroz, who are all on the same team.(Menin’s past projects include the Gale Miami Hotel & Residences and Mondrian South Beach, along with residences like Cher’s former mansion at 64 La Gorce Circle in Miami Beach.)“The renovation was stunning.

But the layout wasn’t necessarily optimal for families, given that the main home is three bedrooms plus an office and the guest house had two bedrooms plus a gym.It becomes tricky for a...