The sale of an extraordinary waterfront estate for a record-breaking $70 million in Fort Lauderdale has further positioned the area as a top luxury real estate market. Situated at 5 Harborage Isle, where the Intracoastal meets the New River, the property spans 2.7 acres and features 1,035 linear feet of waterfront. The primary residence, covering 20,000 square feet, includes six bedrooms, 11 bathrooms and a seven-car garage, while the guest house offers four bedrooms, 4.5 bathrooms, and a three-car garage. The new owner intends to demolish the main estate and construct a new, more modest home on the property.
The Elmes Group of Compass Florida represented the buyer, while Michelle Howland, LLC acted as the seller’s representative in the initial purchase and sale of the estate. In 2016, the property was purchased by the seller, Donald Sussman, a prominent financier and philanthropist, for a then-record-breaking $27.5 million.
“We are thrilled to have been involved in these record transactions over the years,” says Tim Elmes of The Elmes Group. “This home is truly one-of-a-kind, offering unparalleled luxury and privacy.”
Fort Lauderdale’s ability to draw sophisticated buyers from across the globe is not slowing down. The Elmes Group currently has several properties ranging from $2 million to $50 million available for purchase. They are actively negotiating for all-cash offers on a few homes within the $40 million to $50 million range, demonstrating the sustained high demand for luxury real estate in the Fort Lauderdale area.
“Fort Lauderdale’s status as a sought-after destination for affluent buyers is cemented by this extraordinary sale,” says Elmes. “The city’s capacity to provide an exceptional level of luxury and sophistication is evident in its ability to attract such high-profile transactions.”
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