Sara Pollak Arbel sold a waterfront home on Miami Beach’s North Bay Road for $25.5 million.
Records show Arbel’s trust sold the house at 5060 North Bay Road to Brown Bear Trust, with attorney Dilip Patel signing on behalf of the buyer. The true buyer is unknown.
Joel Lusky and Zalmy Shapiro with the Brokerage South Florida Real Estate had the listing, and Dina Goldentayer of Douglas Elliman brought the buyer. The brokers declined to comment.
Arbel is a longtime Miami Beach resident. Property records show she bought the North Bay Road house for $370,000 in 1980. It was built on 0.7 acres in 1935 and spans 6,700 square feet, with eight bedrooms, seven bathrooms, one half-bathroom and a pool.
Arbel listed the home for $42 million in 2023, and dropped the asking price to $36.9 million last year, Realtor.com shows.
It marks the latest pricey deal on North Bay Road. South Florida’s luxury buyers have preferred newly built homes in recent years, but those are in short supply thanks in part to rising costs for spec development. Some are now taking the leap to build, and spending big on lots in prime locations.
Billionaire media tycoon Barry Diller bought a 1.5-acre waterfront property on North Bay Road for $45 million in February of last year.
Developer Todd Glaser went into contract this month on a 2.3-acre waterfront North Bay Road estate for $105 million. Glaser, who has recently focused more on renovations, plans to either flip the compound for north of $150 million or build a spec mansion asking $250 million.
His purchase trumps the $72.3 million North Bay Road price record for a spec home set by David and Victoria Beckham in October.