Three's A Charm: A Triple-Home Compound On Miami's Palm Island Is On The Market For A Record-Breaking $150 Million

Triple the fun – if you can afford it. A rare three-home compound in Miami’s exclusive Palm Island has just come on the market at a record-breaking price of $150 million.

According to Mansion Global, Jorge Luis Garcia and the Adria, Maria and Adrian Almeida Trust have listed the three neighboring waterfront homes as a package for sale. Reality TV star realtor/broker Fredrik Eklund of Douglas Elliman represents the sellers.

Garcia told Mansion Global that the scarcity of waterfront homes encouraged him to list the properties as a package.

“At the moment, there is nothing available on the market that can compare or that even will come close to this listing,” he said.

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A Unique Proposition

Eklund gave an insight into who he could imagine stumping up the cash for such a unique proposition.

“It doesn’t work for everyone, but the three houses together give the new buyer a lot of flexibility, especially for larger families like royals with big staffs and security needs,” he said.

The homes have a classic Mediterranean-type design and were built as a family compound by Adria Almeida’s father, real estate developer Pedro Adrian, between 2008 and 2016.

According to property records, he bought the parcel in 2004 for $3.45 million. A former owner of an Orlando-based medical business, Garcia planned his acquisitions to capitalize on Miami real estate’s exclusivity. He purchased one of the properties in 2019 for $13.9 million and the second in 2021 for $17 million.

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Rampant Appreciation

He put them back on the market to capitalize on the rampant appreciation in the Miami area, where the average price for single-family homes in the fourth quarter of 2024 in Palm Beach soared 52.5% over the previous year, according to Miller Samuel Real Estate Appraisers as quoted, in the Mansion Global article. The average price of luxury listings in the area – classified as the upper 10% of sales – rose a staggering 117.2% in the same 1-year period.

“There is no waterfront land available for anyone to continue that trend or even go larger,” Garcia said.

Perfect Timing

Ecklund concurs that the timing couldn’t be better: “There is some hope that Florida will continue to rise [and become an] electable [option] for billionaires and the elite,” he said. “The stock market and Bitcoin are at all-time highs. And Florida has seen several mega-sales at $100 million and higher in the last few months.”

The three houses have 300 feet of water frontage, 21 bedrooms, 25 full bathrooms and six half bathrooms. Each home has its own forcer garage, swimming pool and dock capable of accommodating yachts.

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Celebrity Pedigree

Palm Island is one of a cluster of human-made islands, including Hibiscus and Star Island, on Biscayne Bay off Miami Beach. Palm has an old-school celebrity pedigree, with Brat Packers Frank Sinatra, Dean Martin and Jerry Lewis performing at the world-famous Latin Quarter Nightclub.

Recent inhabitants include actress Gabrielle Anwar, Mexican singer Ana Gabriel, business executive Rajat Gupta, actor Nick Nolte, music producer Scott Storch, the late TV presenter Barbara Walters and hip-hop executive Bryan “Birdman” Williams.

According to realtor.com, the median listing price of homes on the island is $18.3 million.

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