A pair of adjacent estates on Miami Beach’s North Bay Road, internationally known as “Millionaire’s Row,” have traded for $30 million. The North Bay Road properties, purchased by billionaire Richard Saghian, are directly across the street from one another and include a contemporary waterfront mansion and a lush Mediterranean villa.
5718 North Bay Road, which has 75 feet of frontage on Biscayne Bay, and 5725 North Bay Road, which is directly across the street, inland, sold to billionaire Richard Saghian, best known as the founder and CEO of fast-fashion company Fashion Nova. Saghian, who has an impressive collection of trophy homes, will continue to live full-time in Los Angeles, but plans to enjoy both Miami Beach residences as a vacation retreat. Saghian worked with Maurice Boschetti of Boschetti Realty Group, LLC.
The seller, Ami Shashoua, who owned both properties, worked with Berkshire Hathaway HomeServices (BHHS) EWM Realty’s Nelson Gonzalez. Shashoua’s successful career has involved work with financial institutions and tech companies, as well as real estate development and sales.
“Our tropical, tax-friendly market and rapidly growing economy continue to be a hotbed of activity…with these spacious, waterfront enclaves, in particular, being repeatedly singled-out by the globe’s one percent,” Gonzalez continued. “This buyer originally looked at this home 10 months ago, but we stayed on top of him. It took him a little while to recognize the opportunity he had to acquire one of the very few available modern mansions in this exclusive enclave.”
“Richard (Saghian) wanted a prime location and the best view of the skyline and open water – which can be a difficult feat,” said Boschetti. “He knew that the chance to own two luxury homes on coveted North Bay Road, taking full advantage of the ultimate Miami Beach lifestyle and views, was an opportunity that couldn’t be overlooked.”
From its tranquil, private setting along Biscayne Bay, the North Bay Road enclave has historically been one of South Florida’s most sought-after. Just this week, David and Victoria Beckham closed on a $72.25 million sale within the community at 4736 North Bay Road. Other high-profile neighbors, past and present, have included Cindy Crawford and Rande Gerber, Karlie Kloss and Joshua Kushner, and business owners Wayne Boich, Josh Harris, and Marcello Claure.
Each residence in today’s transaction has been a standout in its own right, but together, they have formed the quintessential Miami Beach haven.
Built in 2022, 5718 North Bay Road is marked by a magnificent, 15,536-square-foot lot with 75 feet of premier waterfrontage. Inside, seven bedrooms, eight baths, and two half-baths are spread throughout 7,767 square feet of lavish living space, while walls of glass complement the home’s open, sunlit floorplan. In addition to a wet bar, state-of-the-art theater, an elevator, a gourmet kitchen, wine cellar, interior fishpond with stingrays, gym, and rooftop terrace, the home has a cabana with a summer kitchen, saltwater pool with a spa, and an outstanding, oversized dock. Adding to its unmistakable draw, the dwelling is defined by unobstructed, postcard-worthy views of Biscayne Bay and dazzling sunsets over Miami’s skyline.
Across the street, 5725 North Bay Road is a recently remodeled Mediterranean-style villa with four bedrooms and four-and-a-half baths – punctuated by 3,167 square feet of airy living space. The home’s 8,550-square-foot lot, enveloped in verdant landscaping, is anchored by a sparkling pool and outdoor spaces for breezy alfresco dining and gatherings.
“It’s a combined total of 11 bedrooms, 15 baths, 11,012 square feet of living space, 24,086 square feet of land, and 75 feet of waterfrontage,” Gonzalez concluded. “The uniqueness of this offering cannot be overstated.”
Images via Luxhunters Productions