A retail heir and entrepreneur sold his non-waterfront home on North Bay Road in Miami Beach for $8.4 million, The Real Deal has learned.
David Deshe and his wife, Danielle, sold their house at 5327 North Bay Road, Douglas Elliman agent Devin Kay confirmed. Kay represented the sellers, and Jill Hertzberg and Jill Eber of the Jills Zeder Group at Coldwell Banker Realty brought the buyer. Kay declined to comment on the sale, and Hertzberg declined to comment on the buyer’s identity. The sale has not yet cleared records and the buyer is unknown.
Deshe is the co-founder of Vero Water, a Miami Beach-based water provider for the hospitality industry that counts Ritz-Carlton and True Food Kitchen among its clients, according to the company’s website. Deshe is also one of the heirs to the Schottenstein family retail empire, which includes the brands DSW and American Eagle Outfitters, according to Forbes. His father, Ari Deshe, and uncle, Jon Diamond, co-founded the insurance company SafeAuto. The majority of the family and its business operations are headquartered in Columbus, Ohio.
Records show Deshe bought the house for $3.3 million in 2016, the same year he married Danielle at the exclusive Fisher Island Club, according to Grace Ormonde Wedding Style Magazine.
Built in 2016, the five-bedroom, five-bathroom home spans 4,500 square feet, records show. The 0.2 acre property includes a saltwater pool, outdoor kitchen, and a gym.
Hertzberg said the buyer wanted a small, manageable property with new construction and modern amenities.
Deshe also owns a 0.4 acre waterfront property on North Bay Road, which he bought from beverage tycoon Stephen Levin for $8.5 million in July 2020. A new house is under construction and appears nearly completed.
Deshe’s latest sale falls shy of the $9.2 million purchase of a spec home at 6015 North Bay Road that set the street’s non-waterfront price record in May. Buyer, Dallas Mavericks player Tim Hardaway Jr., broke a record set only two months earlier with the $9 million purchase of a house at 5645 North Bay Road.
Pandemic migration spurred demand for luxury real estate across South Florida, resulting in skyrocketing prices for traditionally less expensive non-waterfront properties.
The rapid appreciation of Miami Beach’s dry side has been a complete reset for these property’s values, Hertzberg said.
“They’re starting to get numbers that used to be waterfront numbers,” she said of non-waterfront homes.
Other recent sales on North Bay Road include Russian real estate investor Ilya Karpov’s purchase of a waterfront home for $13.6 million in July, and billionaire hedge funder Dan Loeb’s flip of a waterfront property for $28.3 million in April.