An empty parcel on Indian Creek Island, dubbed Miami-Dade County’s “billionaire bunker,” was sold for a staggering $105 million on Monday, setting a new record for real estate transactions on the island. The seller, Mikhail Peleg, a Swiss-based German developer known for acquiring prime properties, was represented by broker Ilya Reznik, who opted not to disclose the buyer’s identity due to a non-disclosure agreement.
“Strategically, it’s the best piece of land in Miami,” Reznik stated, highlighting the lot’s prime westward view of Biscayne Bay. He described it as a unique opportunity for the future owner to construct a magnificent mansion on what he considers the “most secure island” in Miami.
The extraordinary price tag reflects the lot’s location among a roster of elite residents, including Amazon founder Jeff Bezos, Ivanka Trump and her husband Jared Kushner, and retired NFL star Tom Brady. The property is adjacent to two of Bezos’ other estates, which he acquired for $68 million and $79 million earlier this year.
Originally listed at $200 million six months ago, the final sale price of $105 million, while lower than expected, surpasses the previous record held by Bezos at $87 million for another property acquired in May 2024.
Peleg originally intended to build a home on the 1.84-acre lot but opted to sell as he shifted his plans and no longer intended to visit the United States, according to Reznik. His decision was influenced by the rapidly escalating real estate prices on Indian Creek. “My client figured now’s the right time to sell the property,” stated Peleg’s attorney, Daniel Rudoy.
Shortly after listing the property in January, interest surged, with several offers close to the $100 million mark. However, these initial offers were met with silence in hopes of receiving even higher bids. By early January, six or seven prospective buyers had toured the lot, with more offers anticipated soon. Despite the initial excitement, bids in the vicinity of the asking price failed to manifest, leaving Reznik to reflect, “Even if you want more, but nobody pays, it’s not gonna happen. But I think it’s one of the most expensive lots ever sold in Miami.”
The substantial $105 million cash sale marked a dramatic increase from the $27.5 million Peleg spent on the property in 2018. In 2023, Peleg secured a $20 million mortgage on the land, which was refinanced and increased later that year to $41 million, subsequently transferred to entities linked to British billionaires David and Simon Reuben.
The pull of Indian Creek lies not only in its exclusivity but also in its rigorous security measures, featuring its own police force and extensive surveillance. “It’s like a fortress,” Rudoy commented.
Luxury real estate in the U.S. has increased by nearly 50% over the past four years, according to Realtor.com. In comparison, Indian Creek properties have seen prices multiply, with homes previously selling for single-digit millions in the early 2000s, escalating to an average of $30 million in the 2010s, and now reaching remarkable highs with recent transactions. The latest sale is poised to further elevate land values on Indian Creek Island, setting a new benchmark for the marketplace, as noted by Reznik and Dina Goldentayer, a specialist in the area at Douglas Elliman. “Anyone with a house is going to say that they want more [money] because just their land is worth that,” Goldentayer remarked, emphasizing the competitive nature of this coveted real estate market.