He Paid $16 Million. A Year Later, Miami’s Waterfront Teardown Sold for $24.1 Million.

Someone reportedly paid $24.1 million for a Miami waterfront property described as a teardown. The house was only part of what changed hands. The bigger attraction was the land beneath it and the water in front. Developer David Simkins sold the Morningside property in a private transaction one year after purchasing it for $16 million, according to Mansion Global and reporting attributed to The Real Deal. The difference is $8.1 million, or approximately 50.6%, before expenses. That is a jump…

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