An oceanfront penthouse in Miami Beach is in contract for north of $120 million—a sum that would make it the most expensive condominium ever sold in the Miami area, according to people familiar with the deal. The previous record was half that price.
Located at the Shore Club Private Collection in Miami Beach, the unit spans about 10,500 square feet with around 7,500 square feet of terraces and a private rooftop pool. The identity of the buyer is not known. The Witkoff Group and Monroe Capital, which are developing the Shore Club, could not be reached for comment.
Robert A.M. Stern Architects designed a new 200-foot tower for the Shore Club.
The Boundary (RENDERING)Miami’s current condo record was set in 2015, when hedge-fund billionaire Ken Griffin paid $60 million for a pair of penthouses at Faena House. He has since sold the units for $46.2 million combined, records show.
The Shore Club redevelopment has been years in the making. It involves redeveloping two landmark hotels: the circa 1940s Shore Club hotel and the Cromwell Hotel, a 1930s Art Deco building.
The redevelopment involves reimagining two iconic hotels, including the Cromwell Hotel.
The Boundary (Rendering)Designed by Robert A.M. Stern Architects, the project will have 49 private residences split between the original Cromwell Hotel and a new, adjoining 200-foot tower. There will also be a roughly 6,000-square-foot standalone mansion facing the beach, and a five-star resort operated by Auberge Resorts Collection. Sales launched early last year, with prices at the time ranging from around $6 million to about $40 million, excluding the penthouse. The project is expected to be completed in 2026.
RAMSA collaborated on the project with Kobi Karp Architecture & Interior Design, and the interiors are yacht-inspired and have a color palette of dune, coral and sky.
