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The doctors are out: MDs sell waterfront teardown in Miami Beach for $8M
Sellers bought the home for less than $500K in 1987
UPDATED, March 15, 9 p.m.: A waterfront teardown in Miami Beach sold for $8.3 million, eight years after it was first listed for sale.
Records show Ramdas Bhandari, as trustee of the Bhandari Joint Grantor Trust No. 4, and Chitra Bhandari sold 5226 North Bay Road to Gary N. Siegler.
Ramdas Bhandari is an orthopedic surgeon in Miami and Chitra Bhandari is a psychiatry specialist in Coral Gables.
Siegler is a hedge fund manager. He worked for Carl Icahn from 1985 to 1990, according to The Gary and Barbara Siegler Foundation’s website. Property records show Siegler also owns a waterfront home, on over an acre at 29 Indian Creek Island Road in Indian Creek Village, that he purchased for $8 million in 2005.
The Bhandaris purchased the North Bay Road house in 1987 for $460,000. In 2005, the trust was added to the deed. Records show the home was built in 1927.
According to Realtor.com, the 3,392-square-foot house was first listed in 2013 for $6.9 million. After many price changes, the most recent asking price was $8 million in 2016.
Mendel Fellig of Compass brokered the deal, he said.
The waterfront home has five bedrooms and four bathrooms on a 13,755-square-foot lot. The listing advertised the home as a teardown or a renovation project.
Waterfront properties on North Bay Road have sold throughout the pandemic. In recent weeks, two finance executives paid $13.8 million for a waterfront home, the founder and CEO of a payment processing company bought a mansion for $37 million, and Michelle Simkins paid nearly $10 million for a waterfront teardown.