Managing partner of Elvis Presley Enterprises building seven-bedroom house on $16 million lot
This is a rendering of the two-story home. Construction is due to be completed in the next 90 days. (Kobi Karp)
A new construction, waterfront estate in Miami Beach, Florida, with a rooftop entertainment deck just hit the market for $49.5 million.
Joel Weinshanker, chairman and founder of the National Entertainment Collectibles Association and managing partner of Elvis Presley Enterprises, is building the home at
360 S. Hibiscus Drive after acquiring the lot for it nearly four years ago for $16 million, according to public records and listing agent
Devin Kay of The Exclusive Group at Douglas Elliman.
Weinshanker originally planned to live in the home with his growing family. But he decided to sell it instead, given the strong demand for and limited supply of newly built waterfront homes in the region, Kay noted.
While
new listings have soared in Miami-Dade County and across the nation, there aren't nearly enough ultraluxury homes for the number of buyers who want them, the agent said.
"It seems crazy to say, but we have as many $50 million buyers as we do $5 million buyers in
Miami Beach," Kay told Homes.com.
The two-story home, due to be completed in the next three months, contains 8,300 square feet of living space and an additional 4,000 square feet of outdoor entertainment space, including the nearly 500-square-foot deck offering skyline and sunset views, Kay said.
The home has 8,300 square feet of living space, plus outdoor entertainment space. (Argent Design)
Home offers flexible space
The home has seven bedrooms and eight bathrooms and includes flexible spaces, according to marketing materials. It also features timber floors, stone slabs in the bathrooms, floor-to-ceiling windows, a full-home generator, an elevator and a two-car garage, the listing shows. Argent Design, based in London, handled the interiors, while architect Kobi Karp designed the exterior. Known for both modern developments and historic preservation projects, Karp's Miami-based firm says it has designed more than $120 billion in hospitality, residential, retail and mixed-use developments since its founding in 1996.
The home on
Hibiscus Island is part of a gated community near the
Miami Design District that includes tennis and basketball courts and a children's playground. Estimated annual property taxes are more than $201,000, according to Homes.com.
Miami’s luxury housing market is strong and continues to outpace the broader local and national housing markets, according to Chris Montgomery, a senior market analyst for Homes.com.
Both domestic and international buyers are "attracted to its lifestyle, tax advantages, business opportunities and dollar-denominated investment that has shown continued growth and strength over the long haul," Montgomery said.
Still, much of Miami-Dade's growth is
tied to foreign buyers, and the county's international in-migration has slumped to the lowest level since the pandemic, according to Montgomery. That's a result of the Trump administration's immigration policy and could slow home sales in the weeks and months ahead, he said.
But Kay, pointing to the dearth of new, ultraluxury homes in the area, said he expects to find a buyer by the time construction wraps up, if not before.
"We're delivering an exceptional, exceptional property that will blow people away when they see the finished product," Kay said.
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