A $70 Million Teardown Smashes Fort Lauderdale’s Home Price Record

A newly renovated home is slated for demolition after selling for a record $70 million in Fort Lauderdale, Fla., according to sellers’ agent Tim Elmes of Compass.

The seller is hedge funder Donald Sussman, who paid about $40 million to assemble the 2.7-acre waterfront property starting in 2015. He spent roughly $6 million renovating the six-bedroom, Mediterranean-style main house, which was built around 2008, according to Elmes.

Elmes declined to name the buyer, but said the purchaser plans to demolish the roughly 20,000-square-foot residence and build a smaller home. The buyer was attracted to the property’s location in the pricey Harbor Beach neighborhood with 1,035 feet of waterfront on the Intracoastal Waterway, Elmes said. The property was being quietly shopped around but wasn’t officially on the market. There were two other offers, he said.

Sussman’s wife, real-estate agent Michelle Howland, represented the buyer. She didn’t respond to a request for comment. The couple plans to downsize in Fort Lauderdale, according to Elmes.

The property is located on Harborage Island, a gated community off Fort Lauderdale’s mainland, Elms said. Sussman bought the main house for $27.5 million in 2015, then spent about $14 million for adjoining lots to create the oversize estate.

The main house has a theater, gym, two offices and numerous balconies, said Elmes. The primary bedroom suite has a coffee bar and a balcony with a hot tub. There is also a four-bedroom guesthouse.

The property has an L-shaped pool, tennis court, cabana, batting cage and large playground. There is a covered outdoor cooking area, a fire pit and a boat ramp, according to Elmes, who said Sussman kept several boats on the property.

Sussman, who previously lived in Greenwich, Conn., is the founder of the Greenwich-based hedge-fund operator Paloma Partners Management. He has been a major donor to Democratic candidates including President Biden and Hillary Clinton.

The previous record for a Fort Lauderdale home was set last year with a $40 million sale about 5 miles to the north. That home was recently relisted for $47.5 million.

Ultraluxury Fort Lauderdale properties are still appreciating in value because of low inventory in the area, said Elmes. Luxury single-family homes in Fort Lauderdale sold for an average of $5.59 million in the second quarter, up 7.4% from the same time last year, according to Douglas Elliman.