A sprawling three-parcel compound on Miami Beach's Palm Island has hit the market at $185.5 million, the highest publicly advertised asking price ever attached to the property, with plans to tear down three existing mansions and replace them with a single 30,000-square-foot residence. The listing covers more than 2 acres and roughly 300 feet of Biscayne Bay waterfront, offering views of both the bay and the Miami skyline.
The properties, located at 190, 198 and 210 Palm Ave., were purchased between 2004 and 2021 for a combined total of about $34.35 million, according to the New York Post. The three existing mansions, built between 2008 and 2016, together contain more than 35,000 square feet of living space, 21 bedrooms, three swimming pools and private docks. Jorge Luis Garcia owns the combined site and is marketing it as a rare opportunity to build a single trophy estate, saying that combining the three properties created an unusually difficult-to-replicate opportunity in Miami Beach, per the same report.
Plans for the proposed residence were designed by Choeff Levy Fischman Architecture + Design in Miami. The firm's Paul Fischman said the scale of the site and its waterfront position create unusual architectural opportunities, the Post reports. The listing is marketed by Audrey De La Rosa of Fortune 500 Enterprises, and the mega-mansion itself remains on the drawing board, with no construction underway.
What the Proposed Megamansion Would Include
According to the listing details relayed by the Post, the proposed home would rise three stories with 10 bedrooms and 19 bathrooms, entered through a 20-foot-high entrance featuring a cascading waterfall and dark reflecting pools. Outside, plans call for a 1,950-square-foot infinity pool overlooking the bay, along with outdoor kitchens, firepits, lounges, hot spas and cold plunges.
The design also includes a private automobile museum with integrated vehicle-display turntables, a one-and-a-half-story fitness center, and a wellness wing with a massage room, steam and sauna facilities, hot and cold plunge pools and a private hair salon. The primary suite alone would cover 3,262 square feet, with separate bathrooms and closets, a morning kitchen, a private spa pool and a waterfront terrace. Additional amenities on the plans include a movie theater, cigar room, game room, chef's kitchen, separate staff kitchen and a rooftop deck with 360-degree panoramic views.
A Pricing History That Keeps Climbing
A Pricing History That Keeps Climbing The compound's asking price has moved considerably since it first came to market. Mansion Global, which first reported the listing, had earlier described the three neighboring properties being packaged for sale at $150 million in a January 2025 report. The Post's own account states the property was first listed for $150 million in 2023, returned to market in January 2025 at that same $150 million figure, and had an asking price of $148.5 million as of July 2025 before sellers added $37 million to reach the current $185.5 million ask — an increase of about 24.9 percent over the most recent $148.5 million figure and nearly 24 percent over the original $150 million ask, according to the listing release.
If it sells anywhere near its ask, the compound would set a Miami Beach sales record and a Miami-Dade County residential sales record, surpassing the $170 million Mark Zuckerberg and Priscilla Chan reportedly paid for an unfinished mansion on Indian Creek Island in March 2026 — itself described by the New York Times as the most expensive sale in Miami-Dade County history. That Indian Creek estate had been listed for $200 million the previous November before the reported sale, and sits on 1.8 acres with 200 feet of Biscayne Bay frontage, per the Times.
Part of a Broader Miami Compound-Buying Wave
The Palm Island listing lands amid what Coldwell Banker has dubbed “landmaxxing” — wealthy buyers snapping up neighboring homes and vacant lots to assemble private compounds, according to Florida Realtors. Miami agent Danny Hertzberg told the outlet the motivations vary. “For some people, it is privacy and security. For others, it is a hedge against inflation,” Hertzberg said. U.S. luxury-property searches doubled in the first five months of 2026 compared with the same period a year earlier, while searches for buildable land jumped 97 percent, per the same report.
The trend shows up in Miami-Dade's sales data. Twenty-nine single-family homes sold for $30 million or more in Miami-Dade in 2025, shattering the previous record of 15 set in 2024, and 21 homes had already crossed that threshold by July 30, 2026 — twice the pace of the prior year — according to the Miami Herald. Total real estate spending in the county reached $13.7 billion in the first half of 2026, up 19 percent year over year and 101 percent above pre-pandemic levels, even as single-family inventory sits 30 percent below pre-pandemic levels, the Herald reported.
Nearby islands have seen their own record-setting activity. A waterfront estate at 270 S. Hibiscus Drive sold for $51.5 million, setting sale-price and price-per-square-foot records on Miami Beach's guard-gated Hibiscus and Palm Islands and surpassing a prior record of roughly $40 million, according to PROFILEmiami. That estate combined two waterfront lots totaling about 21,000 square feet with 120 feet of frontage, and the same report noted a recently completed Palm Island spec mansion that sold for a record $32 million, the most expensive sale ever on that island. Two neighboring Venetian Islands properties in Miami Beach also sold together for $33 million in June 2026, the Herald noted, while limited inventory and architecturally significant homes continue to command premium values across Palm and Hibiscus Islands, per PROFILEmiami.
