Palm Island Miami Compound Sells as Triplex Estate for $150 Million

A rare, triplex compound on Miami's exclusive Palm Island has been listed for $150 million, representing a significant opportunity for an ultra-high-net-worth buyer seeking a private, turnkey luxury estate. The property, comprising three mansions on two acres, stands out in South Florida's luxury market due to its unprecedented scale, absolute privacy, and direct waterfront access. Based on our experience assessment, a sale at this price would set a new record for the island, reflecting the premium for consolidated, contiguous land parcels in elite enclaves.

What Makes This Palm Island Property Unique?

The compound's primary distinction is its scale and configuration. The owner assembled three separate properties at 190, 198, and 210 Palm Ave. over 17 years, creating a single, contiguous 2-acre estate. This is a rare feat on a barrier island where available land is extremely limited. The combined property offers 92,000 square feet of land and 300 linear feet of water frontage, a combination virtually unavailable elsewhere in the Miami area. The term water frontage refers to the length of the property's boundary that directly touches the water, which is highly valuable for yacht access. This creates a private family compound that functions as a self-contained sanctuary, a key feature for high-profile individuals prioritizing discretion.

What Are the Specifications of the Three Mansions?

Built between 2008 and 2016 as a unified family compound, the three residences collectively offer 35,385 square feet of living space. The properties include a total of 21 bedrooms, 25 full bathrooms, and six half-baths. The amenities are designed for grand-scale living and entertainment, featuring three swimming pools, lush gardens, and docks capable of accommodating multiple megayachts. The listing notes parking for nearly 20 vehicles. This turnkey nature—meaning the property is fully furnished and ready for immediate occupancy without need for renovation—is a significant value proposition for a buyer seeking a seamless transition into a luxury lifestyle.

How Does the $150 Million Price Tag Compare to the Miami Luxury Market?

The asking price reflects a premium based on the property's uniqueness rather than just the sum of its parts. Property records show the three homes were purchased for a combined total of $34.35 million: $3.45 million in 2004, $13.9 million in 2019, and $17 million in 2021. The current listing seeks a substantial return on that investment. The justification lies in the lack of comparable listings; there are no other two-acre, triplex, waterfront compounds available on Palm Island or its neighboring celebrity-filled islands like Star Island and Indian Creek. The table below illustrates the competitive landscape for ultra-luxury Miami properties.

Who Is the Target Buyer for This Type of Estate?

According to the listing, the ideal buyer is an "ultra-high-net-worth individual who values privacy, exclusivity, and luxury." This typically includes high-profile CEOs, international investors, entertainers, or families seeking a secure, multigenerational compound. The property is particularly suited for yacht owners and water sports enthusiasts due to its direct deep-water access and large docks. Its location offers seclusion while remaining minutes from Miami's cultural, dining, and nightlife attractions, providing the best of both worlds.

For prospective buyers considering an investment of this magnitude, the key considerations are the irreplaceable land parcel, the complete privacy afforded by the compound setup, and the immediate access to Biscayne Bay. While the price per square foot is high, the value is in the assemblage itself—an opportunity that may not arise again. The property's record-setting potential underscores its status as a truly iconic holding in the South Florida real estate market.