Real Estate

This $59 Million Waterfront Mansion in Miami’s “Billionaire Bunker” Is America’s Most Expensive Bitcoin Real Estate Deal Ever

For roughly 1,903 bitcoins at today’s transfer price, Ivanka Trump, Spanish singer Julio Iglesias, supermodel Adriana Lima, and dozens of other VIPs and industry giants could soon become your neighbors at the most coveted addresses in Miami.

Known locally as “Billionaire Bunker,” Indian Creek Island, located on Biscayne Bay on the backside of Miami Beach, is, by almost all accounts, the most exclusive, safe, and celebrity-saturated residential area in America (sorry the Hamptons and Palo Alto). If it had its own zip code, it would be the most expensive as well, with most properties trading these days for $40 million.

“Indian Creek is the equivalent of St. Jean-Cap Ferrat in southern France or the Field Point Circle in Greenwich, Connecticut,” says Dina Goldentyre of Douglas Elleman, who has a list, of micro-real estate swirls around the world. “Every property is important and wonderful in its own right. Any title here signifies true wealth, success and exclusivity.”

For Indian Creek Island’s current 40 residents – many of whom are already paying millions a year for privacy and security anywhere else they go – that’s exactly the way they like it.

The 300-acre island is only accessible by a two-lane gated bridge stationed by armed guards. It also maintains its own round-the-clock patrol, a 13-man police force and naval patrols to fend off tourists and photographers who read articles like this and find out that this is their best shot at getting a glimpse of Tom Brady and Gisele Bundchen, who recently dropped $17 million on the island for The drug “demolition”.

The Indian Creek Country Club, whose William Flynn-designed golf course has fewer Augusta members, also occupies the center of the entire island which means no new development can ever take place, so it will always be exclusive.

Despite Indian Creek’s already exorbitant price tag for privacy, the island’s newest listing, 37 Indian Creek Island Road, is about to set a record-breaking ceiling higher, hitting the market this week at $59 million. Considering the super-charged luxury real estate market in Miami currently, there is a good chance of trading in more than that.

The spec mansion is being built by famed Miami Beach developer Todd Michael Glaser and three associates, who bought the property last summer from legendary Latin variety host Mario Luis Kreutzberger Blumenfeld aka “Don Francisco” for $24 million in an off-market deal that has also been… Her acting by golden member Elliman (it’s been a good year for her). After the deal was completed, the partnership immediately announced plans to demolish Blumenfeld’s existing 1987 home and replace it with something more suitable for a modern-day Bitcoin billionaire looking for a premium property.

“I’m always looking for opportunities and award properties where I can build,” Glaser says of the opportunity to design something in Indian Creek for the first time. “When Dina brought me a pocket data card for this property, I knew I could create something special here.”

Spread over nearly 16,000 square feet of modern glass, wood, and concrete on a 1-acre plot, the Glaser-Spec Mansion features architecture and interiors by the legendary Miami-luxe design house, Kobi Karp.

The 12-foot ceilings will house a club room, chef and prep kitchens, a media room, full gym and exercise studio, while a waterfront backyard includes 134 feet of bayfront, a 110-foot yacht dock, and a tropical arboretum – views Quality landscape, spacious waterfront deck, swimming pool and tanning beds ideal for watching sunrise and sunset.

Based on the reasoning behind accepting bitcoin as the property’s official currency, Glaser is the strong personality for which he is known. “If Gucci accepts Bitcoin, Todd Michael Glaser will too.”

However, Elliman’s Goldentayer is a bit more bullish about the long-term potential of the space where cryptocurrency and luxury real estate meet.

She told me that “37 Indian Creek would be the most crypto transaction of its kind in America if sold in bitcoin due to its location.” “The current record is held by a lower shed in Arte Surfside that accepted cryptocurrency for a $22.5 million transaction in 2021. But this property has the potential to set records not only for cryptocurrencies, but also for Indian Creek. This means that with As more and more ways to transfer cryptocurrency become available, and sellers become more comfortable with the process, this feature can change everything in Miami and beyond.”

For the buyer, Goldentayer says, he should believe in the principle of delaying pleasure first and foremost because the home will take between 18 months to complete. The buyer also needs a lot of friends or grandchildren.

“Because of its sheer size, I could see a large family or a technical bachelor with an extended entourage drawn into this particular enclave. I also chase the buyer who loves modern architecture because the Kobe Carp design is the embodiment of the ultra-luxury modern Miami movement.”

In terms of the property’s basic modern design and amenities, Glaser agrees there is no other way to go given the location and potential clients.

“I’ve been building luxury homes here for over 20 years,” Glaser says. “Talk has always been my go-to in Miami Beach. Sell it. This time it will be no different.”

The bigger question now is whether 37 Indian Creek will sell on the blockchain or the old-fashioned way. The implications for real estate are much greater than what Tom and Gisele have for their next neighbours.