Florida Mansion Sells for Record $70 Million—And It's Getting Torn Down

Photo byCOMPASS FLORIDA

Hey, Florida! If you’ve been keeping an eye on the luxury real estate market, get ready for some jaw-dropping news. A stunning mansion in the city just sold for a whopping $70 million, setting a record for the most expensive sale in Fort Lauderdale’s history. And here’s the kicker—most of it is going to be torn down to make way for an even more modern mansion.

Photo byCOMPASS FLORIDA

The Big Sale

The massive 22,048-square-foot estate was sold by S. Donald Sussman, the founder and chief investment officer of Paloma Partners, and his wife, Michelle Howland. The property, located on 2.7 acres with over 1,035 feet along the waterfront, was purchased by 5 Harborage LLC, a Delaware-registered company tied to Bomar Builders in Deerfield Beach.

The deal was brokered by Tim Elmes of the Elmes Group at Compass Florida for the buyer, while Howland represented the seller. Elmes has quite the history with this mansion, having brokered its sale six times since 1990.
“We are thrilled to have been involved in these record transactions over the years,” Elmes said. “This home is truly one-of-a-kind, offering unparalleled luxury and privacy.”

Photo byCOMPASS FLORIDA

A Look Back at the Property’s History

This isn’t the first time this mansion has made headlines. The Sussman trust bought the main property from attorney David J. Stern, the so-called “foreclosure king,” back in 2015 for $27.5 million. Then, Sussman snapped up two neighboring lots—one for $8.2 million in 2015 and another for $6 million in 2016—to expand the estate and build a guest house.

Photo byCOMPASS FLORIDA

The mansion itself was built in 2006 and features six bedrooms, 11 bathrooms, a seven-car garage, a home theater, a fitness room, multiple pools, fire pits, and a dock with a boat lift. Oh, and don’t forget the full tennis court! The guest house, built in 2017, adds another four bedrooms, 4.5 bathrooms, and a three-car garage.

What’s Next?

Now, here’s the wild part: despite all that luxury, the new buyer plans to tear down the main house to make way for something even grander. But don’t worry, the guest house will stay intact.

Elmes believes this deal is going to boost Fort Lauderdale’s status as a top-tier destination for luxury homes. “It’s a very special property,” Sussman added, expressing confidence that the new owners will take good care of the estate.

Photo byCOMPASS FLORIDA

Who Is S. Donald Sussman?

In case you’re curious, S. Donald Sussman is no stranger to big deals. He’s been in the finance world for decades, having founded hedge fund Paloma Partners in 1981. Over the years, he’s become a major player in money management and is also known for his philanthropy. Sussman even served on the board of Carnegie Hall.

So, there you have it—a record-breaking sale, a mansion set for demolition, and a new chapter for one of Fort Lauderdale’s most exclusive properties. It’s clear the city is becoming a hotspot for luxury living, and we can’t wait to see what’s next for this prime piece of real estate.

What do you think? Can you believe someone’s tearing down a $70 million mansion? Let’s keep the conversation going!