A pair of neighboring estates on Miami Beach's famed North Bay Road, also known as "Millionaire’s Row," have sold for a total of $30 million. Billionaire Richard Saghian, founder and CEO of fast-fashion brand Fashion Nova, purchased the two properties, which sit directly across from each other. The acquisition includes a sleek, contemporary waterfront mansion and a Mediterranean-style villa.
Located at 5718 North Bay Road, the waterfront mansion boasts 75 feet of Biscayne Bay frontage, while 5725 North Bay Road, the inland villa, sits across the street. Saghian, who owns an impressive portfolio of trophy homes, plans to use the Miami Beach residences as a vacation retreat while continuing to live full-time in Los Angeles. He was represented in the deal by Maurice Boschetti of Boschetti Realty Group, LLC.
The seller, Ami Shashoua, a seasoned professional in finance, tech, and real estate, worked with Nelson Gonzalez of Berkshire Hathaway HomeServices (BHHS) EWM Realty. Gonzalez highlighted the growing demand for Miami’s waterfront properties among the world’s elite. “Our tropical, tax-friendly market continues to attract the global one percent,” he noted. “This buyer initially viewed the property 10 months ago, and after careful consideration, recognized the rare opportunity to own one of the few modern mansions in this exclusive enclave."
Boschetti added, “Richard (Saghian) was seeking the best skyline and water views in a prime location. Owning two luxury homes on North Bay Road, a premier Miami Beach address, was an opportunity that couldn’t be missed.”
North Bay Road has long been one of South Florida’s most desirable locations. Just this week, David and Victoria Beckham sold a property in the area for $72.25 million. Other notable past and present residents include Cindy Crawford, Karlie Kloss, Joshua Kushner, and business moguls such as Wayne Boich and Josh Harris.
The two estates in this transaction are remarkable on their own but, together, they form the ultimate Miami Beach sanctuary. The newly built waterfront mansion at 5718 North Bay Road occupies a 15,536-square-foot lot and features seven bedrooms, eight bathrooms, and two half-baths across 7,767 square feet of luxurious living space. Highlights include walls of glass, a wet bar, a state-of-the-art theater, an elevator, a gourmet kitchen, a wine cellar, an interior fishpond with stingrays, a gym, and a rooftop terrace. Outside, the property offers a cabana, summer kitchen, saltwater pool with spa, and a large dock, all with sweeping views of Biscayne Bay and Miami’s skyline.
Across the street, 5725 North Bay Road is a recently renovated Mediterranean-style villa with four bedrooms and four-and-a-half baths, spanning 3,167 square feet of light-filled living space. The 8,550-square-foot lot features lush landscaping, a sparkling pool, and ample outdoor areas for alfresco dining and entertaining.
In total, the estates offer 11 bedrooms, 15 bathrooms, 11,012 square feet of living space, 24,086 square feet of land, and 75 feet of waterfrontage. "The uniqueness of this offering cannot be overstated," concluded Gonzalez.
Please reach out to David Freed, your go-to Miami Real Estate Agent, for any inquiries regarding condo sales in Brickell and Miami.
