A waterfront estate on Miami Beach’s prestigious North Bay Road has been listed for $32.5 million, just one year after it was purchased for $16.1 million. The property, located at 5300 North Bay Road, underwent a complete redevelopment by hospitality entrepreneur Keith Menin before returning to the market.
The significant price increase reflects the extensive renovations and the high demand for luxury properties in one of Miami's most exclusive neighborhoods, which has seen over $1.19 billion in real estate transactions since 2020.
Key Takeaways
- A waterfront compound at 5300 North Bay Road is on the market for $32.5 million.
- The property was acquired in 2024 for $16.1 million by Menin Homes and has since been completely redeveloped.
- The estate features a main house and a separate guest house, totaling over 6,000 square feet with seven bedrooms.
- North Bay Road is a highly sought-after location, home to numerous celebrities and business leaders.
A Complete Transformation on an Exclusive Waterway
The property, originally built in 1998, was acquired by Menin Homes, a firm co-founded by Keith Menin and his cousin Jared Galbut. Following the purchase, the team embarked on an ambitious project to completely transform the estate.
Menin described the goal of the redevelopment, stating, "The vision was simple. If The Surf Club Four Seasons had a private villa with the finest views and water in Miami, this would be it." The result is a modernized compound designed for luxury living and entertaining.
The total property spans just over 6,000 square feet on a 0.29-acre lot. It is comprised of two separate structures: a 4,613-square-foot main residence and a 1,410-square-foot guest house.
A History of High-Value Flips
This is not the first high-profile real estate flip for Menin. In 2020, he purchased Cher's former mansion on La Gorce Circle for $17 million. After renovations, the property was sold in 2023 for $35.35 million. Menin Homes reports over $200 million in residential sales across Miami and Aspen in the last decade.
Inside the Renovated Estate
The main house now includes four bedrooms and four-and-a-half bathrooms. The renovation preserved some original architectural details by Zeb Jarosz while introducing modern amenities and high-end finishes. Key features include 12-foot-high ceilings, plaster walls, and hardwood floors throughout the light-filled interiors.
The primary bedroom suite has been reimagined as a private retreat. It now boasts custom walk-in closets and two separate spa-like bathrooms. One bathroom is equipped with a steam shower, while the other features a sauna. An outdoor terrace connected to the suite includes a cold plunge pool.
Guest Accommodations and Outdoor Living
The separate guest house provides ample space for visitors, with three bedrooms and three bathrooms. This secondary structure also features 12-foot ceilings and hardwood floors, maintaining a consistent design aesthetic with the main residence.
The outdoor spaces were a central focus of the redevelopment. The property now has a new saltwater swimming pool, a Jacuzzi, and a summer kitchen ideal for outdoor dining. A private dock provides direct access to the bay, catering to boating enthusiasts.
Property at a Glance
- Total Living Space: 6,023 sq. ft.
- Bedrooms: 7 (4 main, 3 guest)
- Bathrooms: 7.5 (4.5 main, 3 guest)
- Lot Size: 0.29 acres
- Year Built: 1998
- Key Features: Saltwater pool, private dock, sauna, steam shower, cold plunge.
The Allure of North Bay Road
North Bay Road is often called the “Park Avenue” of Miami Beach, a 4-mile stretch of waterfront homes known for attracting a roster of high-profile residents. Past and present homeowners include Cindy Crawford, David and Victoria Beckham, Jennifer Lopez, and Shakira, alongside prominent figures from the worlds of finance and business.
The street's reputation has fueled a red-hot real estate market. Data shows that since 2020, sales along North Bay Road have exceeded $1.19 billion, cementing its status as one of the most valuable residential corridors in the country.
The property at 5300 North Bay Road has a notable history. It was previously owned by the late Don Browne, former president of the television network Telemundo, who passed away in 2023. Browne had purchased the home in 2003 for $4.23 million.
The listing is currently held by Marko Gojanovic, Reid Heidenry, and Roberto Quiroz of ONE Sotheby’s International Realty.
