In most real estate markets, a mansion that can’t find a buyer gets a price cut. But on Miami Beach’s billionaire playground, apparently the answer is to ask for another $35.5 million.
A three-property waterfront compound on exclusive Palm Island is back on the market for a breathtaking $185.5 million — nearly 24% more than its original $150 million asking price in 2023 — according to a release from its reps. That price could smash a sales record for Miami Beach.
Mansion Global first reported news of the listing.
And this time, the sellers are throwing in a whole new vision: plans to bulldoze the existing mansions and replace them with a 30,000-square-foot tropical paradise complete with a car museum, a private hair salon and enough spa amenities to rival a five-star resort.
If the compound fetches its full $185.5 million asking price, it would set a new Miami-Dade County residential sales record, surpassing the $170 million that Mark Zuckerberg and Priscilla Chan paid for an unfinished mansion on nearby Indian Creek Island in March.
The property has already had quite the pricing roller coaster.
The three neighboring estates first hit the market together for $150 million in 2023, making it the island’s priciest offering at the time.
After failing to land a buyer, the compound returned at the same $150 million price in January 2025.
By July, the asking price had been trimmed to $148.5 million — a relatively modest $1.5 million discount on a nine-figure property.
But instead of continuing to slash the price, the sellers have now gone in the opposite direction, unveiling an ambitious architectural concept and tacking another $37 million onto the most recent confirmed asking price for the full assemblage.
The latest $185.5 million offering represents the property’s highest publicly advertised asking price yet.
Located at 190, 198 and 210 Palm Ave., the more than 2-acre spread boasts approximately 300 feet of waterfront along Biscayne Bay and sweeping views of the Miami skyline.
The three existing Mediterranean-style mansions, built between 2008 and 2016, collectively offer more than 35,000 square feet of living space, with 21 bedrooms, three swimming pools and private docks.
The properties were assembled through purchases totaling approximately $34.35 million between 2004 and 2021.
Owner Jorge Luis Garcia is now marketing the combined site as an opportunity to create a single trophy estate, with plans drawn up by Miami-based Choeff Levy Fischman Architecture + Design.
“Bringing the three properties together created an opportunity that is extraordinarily difficult to replicate in Miami Beach,” Garcia said in a statement.
The proposed three-story mansion would have 10 bedrooms and 19 bathrooms, with a dramatic 20-foot-high entrance featuring a cascading waterfall spilling into dark reflecting pools.
Out back, a 1,950-square-foot infinity pool would overlook the bay, surrounded by outdoor kitchens, firepits, lounges, hot spas and cold plunges.
For car collectors, there’s a planned private automobile museum with integrated turntables to display prized vehicles.
And for anyone who finds a typical home gym too pedestrian, the plans call for a one-and-a-half-story fitness center, a massage room, steam and sauna facilities, hot and cold plunge pools, and a private hair salon.
The primary suite alone would stretch across 3,262 square feet, with separate bathrooms and closets, a morning kitchen, a private spa pool and an expansive waterfront terrace.
Other proposed perks include a movie theater, a cigar room, a game room, a chef’s kitchen, a separate staff kitchen and a rooftop deck offering 360-degree panoramic views.
“When you have approximately 300 feet of waterfront and a site of this scale, the architecture has an opportunity to behave very differently than it does on a typical Miami Beach lot,” said Paul Fischman, a principal at the architecture firm.
The ambitious pitch comes as Miami’s ultrawealthy buyers increasingly seek to combine neighboring properties into private compounds.
As The Post reported last year, billionaires have been snapping up adjacent waterfront parcels to create massive trophy estates, paying a premium for privacy, security and space.
Whether the new architectural vision will be enough to justify the latest nine-figure price tag remains to be seen.
For now, the property is being marketed by Audrey de la Rosa of Fortune 500 Enterprises, with the proposed mega-mansion still on the drawing board.
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