In Miami Beach, a waterfront home has just sold for $23.8 million—and its billionaire buyer plans to tear it down to build a modern mansion.
The existing six-bedroom house was built in 1995 and spans upward of 12,300 square feet. It sits on a 1.3-acre lot with more than 150-feet of water frontage and a 40-foot dock.
The buyer is billionaire Teddy Sagi, according to One Sotheby’s International Realty, which handled the listing of the home. Sagi, 52, founded the gambling software Playtech in 1999 and has a net worth of $6.4 billion, according to Forbes. He did not immediately respond to a request for comment.
