T
eddy Sagi, a billionaire with a $6.4 billion net worth, has finally closed the deal on a waterfront estate in Miami Beach's Pine Tree Drive after an 11-month wait. The Israeli mogul purchased the mansion at 4521 Pine Tree Drive for $23.8 million through agents Nelson Gonzalez and Sheerel Toledano, who is also Sagi's business partner Isaac Toledano's daughter.

    The property was listed by Saddy Delgado and Chava Feigen of One Sotheby’s International Realty after the estate of Albert Reichmann, patriarch of the Canadian development family Olympia & York, put it on the market. The mansion has six bedrooms, seven bathrooms, a pool, dock, and 158 feet of waterfront.

    Sagi plans to tear down the existing mansion and build a new 20,000-square-foot home designed by an Israeli architect. Although still in the planning stage, Gonzalez estimates that the completed mansion will be worth over $70 million due to the growing importance of estate size in Miami Beach's luxury market. "The future of very expensive real estate is going to be land," he said.

    Miami Beach buyers are increasingly looking for bigger properties, and prices are expected to continue growing as a result. Delgado noted that there is a huge appetite for properties over an acre, with limited inventory available on or off the market.