Spec home developer Todd Michael Glaser paid $5.9 million for a waterfront home he is building, and plans to list it for nearly $10 million.
Andrew Mirmelli sold the partially completed home at 1500 West 21st Street on the Sunset Islands to Glaser, who said he will list it for $9.9 million with Douglas Elliman agent Dina Goldentayer.
Glaser was building the Miami Beach home for Mirmelli, but ended up buying the property from him. The 4,700-square-foot house, which is on Sunset Island IV, is about three months from completion, Glaser said. It will have 1,600 square feet of terrace space, six bedrooms, seven-and-a-half bathrooms, a negative edge pool, boat dock and a new seawall. The three-story home also features a rooftop terrace.
Property records show Mirmelli paid nearly $3 million for the 8,700-square-foot lot last year.
Mirmelli owns M&M Parking Management in Miami Beach, which owns private parking lots. He is also a real estate investor. In June, he sold a retail center in Lauderhill for nearly $13 million, one year after acquiring it for $10.6 million.
Glaser has been especially active over the past six-plus months in Miami Beach and Palm Beach. Last month, he sold the waterfront spec mansion at 6650 Allison Road for $15.2 million. Also in September, he and his partner Rony Seikaly acquired a partially completed home on Sunset Island III from architect Kobi Karp for $6.7 million, with plans to list the finished mansion for nearly $18 million.
Glaser also sold a $14.4 million spec home on Sunset Island IV in Miami Beach to Tampa Bay Rays co-owner Randy Frankel in August.