Inside Miami Beach’s ultra-wealthy North Bay Road

On a sun-drenched stretch of North Bay Road, where palm trees sway and Biscayne Bay glimmers, a real estate revolution has unfolded since the pandemic turned Miami Beach into a magnet for the ultra-wealthy.

This narrow, tree-lined street, long a haven for the rich, has transformed into Miami-Dade County’s priciest enclave — with roughly 150 waterfront properties now collectively valued at more than $1.7 billion.

Fueled by a wave of newcomers seeking Florida’s tax perks, balmy climate and laid-back luxury, the road has seen a staggering $1.19 billion in sales since 2020, with 24 deals topping $20 million, according to data compiled by the Wall Street Journal.

At the heart of this frenzy is Robert Zarco, a commercial litigator who, more than 20 years ago, snapped up an acre of bay-front land for $3 million. He poured $15 million into crafting a sprawling 19,000-square-foot Mediterranean villa, complete with 11 bedrooms, a vast pool and docks for his quartet of yachts. Since the pandemic hit, brokers have bombarded him with offers, some soaring past $100 million. 

“If I told you I’ve had 40 offers, that would probably be an underestimate,” he told the Journal. Yet Zarco, now 64, won’t budge.

“If you offered me $200 million, I still wouldn’t move,” he said. “I’d never be able to replicate this lifestyle. To build something else now would take years that I might not have.”

The numbers tell a story of unprecedented escalation. Land that once fetched $500 per foot now commands $1,000 to $1,500. Nearly 40% of its waterfront homes — 59 properties — have changed hands since 2020, often shattering records with double-digit price jumps. 

“North Bay Road is the Park Avenue of Miami Beach,” Nelson Gonzalez, a veteran agent with Berkshire Hathaway HomeServices EWM Realty, told The Journal. The street’s cachet mirrors elite pockets like Malibu’s Paradise Cove or Palm Beach’s Billionaires’ Beach, where the superrich cluster in tight-knit enclaves.

The roster of residents reads like a who’s who of power and fame.

Apollo co-founder Josh Harris scooped up a 9,400-square-foot, nine-bedroom estate for $32.25 million in July 2021, a steal compared to its $80,000-a-month rental listing under previous owner Marcelo Claure. 

In 2002, Jennifer Lopez purchased the home at 5800 North Bay Road for $9.5 million. She sold it in 2005 for $13.9 million. It last sold in 2021 by then-owner Phil Collins for $39.25 million to an unknown LLC.

Supermodel Karlie Kloss and venture capitalist Joshua Kushner quietly acquired a 15,000-square-foot mansion for $21.5 million in August 2020, nearly doubling the seller’s purchase price from a year earlier. 

Soccer icon David Beckham and designer Victoria Beckham made headlines in October 2024, dropping $72.25 million on a 12,500-square-foot retreat with a spa and pool — the priciest sale in the street’s history.

Shakira has held court here since 2001, when she bought a 8,700-square-foot mid century gem for $3.38 million; she listed it for $15.9 million in 2021.

Believe it: The list of names goes on.

Shutterstock founder Jonathan Oringer and his wife, Talia, joined the fray in October 2020, paying $42 million for a 20,000-square-foot spread once owned by Alex Rodriguez. 

Entrepreneur Rande Gerber and model Cindy Crawford opted for a $9.62 million fixer-upper in December 2020, later replacing it with a custom build.

Steve Witkoff, a real estate developer and Donald Trump’s lead negotiator currently serving as the United States Special Envoy to the Middle East, purchased a 0.4-acre vacant lot for $8 million in 2020. He has since listed the land several times over the years. It was taken off the market in January 2025.

Media titan Barry Diller entered the scene in April 2024, securing a 1.5-acre lot for $45 million. 

“Nice street — nice bend in the road,” Diller said of his plans for a family compound. Even Bee Gees legend Barry Gibb, a resident since 1981 with his $1.58 million purchase, remains a fixture, his 15,241-square-foot home a nod to the street’s storied past.

The pandemic sparked this gold rush. 

“A lot of people who came down during the pandemic, they’re used to living in cities and walking, especially in New York City. They like that this is walkable,” said Jill Hertzberg, a luxury broker with Coldwell Banker Realty. 

Lower North Bay, near South Beach and Sunset Harbour’s trendy haunts, has surged in popularity, while Upper North Bay — home to Zarco’s estate — retains its aura of seclusion. 

New or move-in-ready homes fetch top dollar, with buyers willing to pay premiums for instant gratification. 

“There is so much money coming to Miami Beach. They have more money than time,” Gonzalez told the outlet. “They’d rather pay an extra $30, $40, $50 million to have the house already built and you hand them the keys.”

Scarcity has only intensified the feeding frenzy. “At this point, we have to sort of knock on doors just to get people to sell, and not even knock on doors — knock on their door and bring them an outrageous offer with a contract in hand,” Gonzalez added. 

Yet many, like Zarco, cling to their slice of paradise.

“No one’s selling,” Hertzberg added. “At the beginning, people were thinking, ‘Maybe I’ll go back to New York, maybe I’ll go back to Chicago, eventually.’ Now, no one wants to go back. No one wants to leave the paradise they have found.”

For some, it’s about more than money. Anand Khubani, founder of IdeaVillage Products, bought a $40 million spec home in January 2025, drawn by “the quality of the owners.”

“It makes you feel more comfortable when there are other successful business people,” Khubani said.

Michael Bay, the film director who paid $17 million in 2007 for an 18,000-square-foot modernist masterpiece, echoes the sentiment. 

“It isn’t about the money. Nope, I want to live here,” he told the Journal, shrugging off offers exceeding $40 million.

Zarco, too, savors the intangibles. “I can’t sleep in my bank account. I can’t throw a party in my bank account,” he says. “Sitting out on my dock watching the sunset at the end of the day, there is nothing like it. It’s like the fountain of youth. It ages you in reverse.”

Still, paradise comes at a cost. Zarco’s insurance has ballooned to over $100,000 annually, a fourfold increase since he moved in. Others plow millions into hurricane-proofing, a necessity in a region prone to extreme storms. 

“It would take a tremendous storm for the water to reach the house,” Zarco said of his reinforced estate. “The house is not going anywhere.”