S
amuel Ohev-Zion, CEO of Blu Products, and developer Jacob Ohayon have purchased a waterfront teardown in Bal Harbour for $16.5 million with plans to build a spec mansion worth $45 million. The property at 166 Bal Bay Drive was bought through their entity, 166 Bal Bay Home LLC, from the family of Leon and Mina Sragowicz's heirs. Ohev-Zion recently sold a Golden Beach mansion for $34 million in August.

    The new owners have tapped MV Group USA to build a 10,000-square-foot waterfront spec mansion designed by Kobi Karp on the site. Construction is expected to take 18 months and will be one of the few ultra-luxury spec homes in the current market. Manny Varas, CEO of MV Group USA, predicts that $5,000 per square foot will become a norm for waterfront ultra-luxury homes in South Florida within five years.

    Bal Harbour is experiencing a surge in luxury real estate activity, with Related Group and other developers planning high-end projects in the area. WeWork founder Adam Neumann has also invested in Bal Harbour, buying two adjacent waterfront homes for $43 million in 2021. The area's popularity among ultra-high-net-worth individuals is driving up prices, with some spec mansions selling for over $5,000 per square foot.