Miami Beach Waterfront Teardown to Build Luxury Home

Billionaire Teddy Sagi is buying a waterfront teardown to build a home for himself in Miami Beach, sources told The Real Deal.

The Israeli mogul, who has an estimated net worth of $5.6 billion, according to Forbes, is in contract to buy the house at 4521 Pine Tree Drive, Douglas Elliman agent Sheerel Toledano confirmed. She represented him in the deal, and Saddy Delgado of One Sotheby’s International Realty had the listing. 

He was out of the country and not available for comment on this purchase.

Reichmann bought the 1.4-acre Pine Tree Drive estate from Russell Galbut for $750,000 in 1991, records show. Built in 1995, the 8,500-square-foot mansion includes five bedrooms, six bathrooms, one half-bathroom, a pool and a dock, records show. The property spans 150 feet of waterfront on the Intracoastal Waterway.

Sagi plans to demolish the mansion and build a new single-family home for himself, Toledano confirmed. The property first listed for $29.9 million last year, and the asking price dropped to $27.9 million in October, according to Redfin. The market for land and teardowns is softer than for finished homes, Delgado said.

“It was a little challenging because not everyone wants to build in this market,” she said. “It’s a three-year process, possibly four with permits and plans.”