A waterfront home on North Bay Road in Miami Beach has sold for $27 million, Gimme Shelter has learned.
While that’s less than the original $32.5 million ask last October, it’s still a massive $10 million-plus profit for the sellers, hotelier Keith Menin and Rockstar Energy founder Russell Savage, formerly known as Russell Weiner.
Menin and Savage paid $16.1 million for the property at 5300 N. Bay Rd. in 2024 and then renovated it.
The buyer “is a young, successful entrepreneur in tech who has lived in Miami but never on North Bay Road, and he wanted to give it a try,” an insider told Gimme. It was an all-cash deal.
The 4-mile road, known as Miami Beach’s swankiest, boasts past and present property owners including Cindy Crawford and Rande Gerber; David and Victoria Beckham; Jennifer Lopez; Shakira; Karlie Kloss and Josh Kushner; Apollo’s Josh Harris, Barry Diller; and Steve Witkoff, Donald Trump’s special envoy to the Middle East.
Still, it was not the easiest property to sell.
Built in 1998, the compound features a three- to four-bedroom white stucco main house with a Spanish-style roof, along with a separate two- to three-bedroom guest house — all on just under a third of an acre.
“This house was tailored to a very specific buyer. We walked a lot of people through the house. People loved it — Mediterranean with modern interiors, which Keith [Menin] does very well,” said ONE Sotheby’s International Realty’s Marko Gojanovic, who shared the listing with fellow brokers Reid Heidenry and Roberto Quiroz, who are all on the same team. (Menin’s past projects include the Gale Miami Hotel & Residences and Mondrian South Beach, along with residences like Cher’s former mansion at 64 La Gorce Circle in Miami Beach.)
“The renovation was stunning. But the layout wasn’t necessarily optimal for families, given that the main home is three bedrooms plus an office and the guest house had two bedrooms plus a gym. It becomes tricky for a family with kids, nannies and staff,” Gojanovic said.
“It came down to who the property could work for — a younger couple, or a family with one kid, or an elderly couple with older kids. We had a lot of interest, and when we dropped the price, we got it done. It was the right buyer and the right time. Everyone was happy with the trade,” he added.
The original architecture and design is by Zeb Jarosz.
Design details in the main house include 12-foot-high ceilings, plaster walls, hardwood floors, a chef’s kitchen and a living room with a fireplace. A main bedroom suite boasts custom closets, a spa like bath, a sauna and a terrace with a cold plunge.
Outside, there’s also a saltwater pool and a summer kitchen — along with a dock.
The deal shows that the Miami market is still going strong, Gojanovic said, adding that his team has currently closed or signed $500 million worth of deals so far this year — two and a half times all of last year.
“A lot of big things are happening,” Gojanovic said. “It’s been our most explosive year and our team is getting stronger. The market is in a really good place. There’s is a lot of demand given the California wealth tax and New Yorkers continuing to move down. Miami is trending very tax friendly and lifestyle friendly. It’s been a monumental, pivotal year in our careers.”
