South Florida Sun-Sentinel (Sunday)
Compound with unfinished interior listed by agent from ‘Million Dollar Listing New York’
A1 ½-acre compound with 250 linear feet of ocean frontage — one of the largest oceanfront single-family properties in Miami-Dade County, according to one of its listing agents — has hit the market in Golden Beach. It’s listed for $100 million.
The gated property at
355 Ocean Blvd. includes a 32,021-square-foot home with nine bedrooms, 11 full baths, five half-baths, a wine cellar, home theater, bowling alley, spa and gym.
Public records indicate that the property is owned by Joel Newman and his wife, Edith, who purchased it in September 1985 for
$1.525 million and then built the house, which was completed in 1995.
According to Ryan Serhant, founder and chief executive officer of New York-based brokerage Serhant, one of the listing agents, the owners were about to start a major renovation to the home when Joel, founder of consumer-electronics brand Craig Electronics, passed away.
The house, with an unfinished interior, is now on the market and will be conveyed with plans and permits necessary to complete the renovation, which would create a 10-bedroom home, with three staff rooms and a six-car garage.
“They were contemplating different options, and a renovation was something they were working on, so they gutted it in preparation to begin a renovation, and then he sadly passed,”
said Serhant, who shares the listing with Dina Goldentayer, executive director of sales for Douglas Elliman Real Estate in Miami Beach.
“A buyer can come in and finish the interior renovation or knock down the house and start from scratch. Then the plans and permits will be of no use to them.”
Serhant said he expects that the buyer will complete the interior.
“I think someone will finish it out,” he said. “If you are going to buy it and tear it down, you’re in for a four- to seven-year process before you have a house to move into.
“With this, everything major is done, and you can do the interiors and be in this house within two years, at a massive savings.”
Serhant is one of the cast members of Bravo TV’s “Million Dollar Listing New York” and founded his brokerage in 2020.
Although he has represented buyers in a number of real estate transactions in South Florida, this listing represents his first foray into the sell side.
“Golden Beach is just north of Sunny Isles, and it’s the Palm Beach of Miami,” Serhant said. “It’s been undervalued for a long time, but you’re on the actual beachfront and there’s only a handful of houses that are on the beach, so it’s very exclusive.”