Billionaire Jamie Salter Sells Miami Beach Home to Khubani

Brand mogul Anand Khubani added to his luxury portfolio in Miami Beach with the $40 million purchase of a waterfront mansion on North Bay Road.

Billionaire Jamie Salter, the founder, chairman and CEO of Authentic Brands Group, sold the recently completed estate at 5970 North Bay Road to Khubani, sources told The Real Deal.

Photos of 5970 North Bay Road in Miami Beach (Kobi Karp)

In September, Khubani, founder and CEO of Wayne, New Jersey-based consumer brands company Ideavillage, paid about $100 million for a 2.4-acre waterfront assemblage on La Gorce Island in Miami Beach, marking one of the biggest residential sales in South Florida last year. Khubani plans to build a waterfront home on the properties.

The North Bay Road estate he just acquired spans 14,520 square feet with six bedrooms, two staff rooms, a home office, movie theater, wine room and game room. The 0.7-acre property also includes a wellness center with a spa, sauna, steam room, cold plunge and hot bath, a waterfront pool and a pool on the second floor. The property was sold furnished.

Salter tapped Todd Michael Glaser to build the house.

An LLC led by Salter paid $19.3 million for the lot in 2021. Salter tapped architect Kobi Karp to design the mansion and Slim Keskes to handle the interiors.

Evan Weiss of 305 Degrees Realty represented Khubani in the off-market sale. Douglas Elliman agent Cyril Matz represented the seller.

Though sales velocity is down, the ultra-high-end market is still seeing record deals close, including other trades on North Bay Road.

Last year, David and Victoria Beckham paid $72.3 million for a waterfront spec mansion, setting a record for single-family home sales on that street. Days later, Richard Saghian, the billionaire founder and CEO of Fashion Nova, paid $30 million for a waterfront spec home also on North Bay Road and the non-waterfront house across the street.

And in December, billionaire hedge fund manager Dan Loeb sold his waterfront mansion on North Bay Road for about $35.5 million.