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September 11th, 2014

$60M Key house County’s priciest listing

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nce the playground of Carnegies and Vanderbilts, more recently Senator Ted Kennedy’s choice to spend his final days, and always a Key Biscayne icon, the extravagant home known simply as Mashta Point is now on the market as Miami-Dade County’s priciest listing.
The 12,000-square-foot, six-bedroom, eight-bathroom manse perched on a 2-acre Biscayne Bay peninsula with its own private harbor went on the market Monday for $60 million.
Jorge Uribe from One Sotheby’s International Realty, who shares the listing with colleague Tata Botero, said the property is rich in both history and beauty. “They’ve created a fantastic piece of property,” he said. “It’s really a masterpiece of oceanfront property.”
According to the listing, the current house was built in the early 1990s and includes an elevator, pool, gazebo and dock. Uribe said the property has its own yacht harbor; and due to its crescent shape, it boasts dramatic panoramic views of the bay and Miami skyline.
But before its present incarnation as a modern luxury home, the lot was the site of historic Mashta House, built circa 1917 by W.J. Matheson, who owned the coconut plantation that is now the Village Green as well as much of the island.
“It’s a historically significant property,” Uribe said. “The Mathesons built it as an entertainment facility for their wealthy guests from up north. At the turn of the century, the Vanderbilts and the Carnegies used to party there.”
Vintage photos of the stunning home are on display on the second floor of the Key Biscayne Community Center – and through the Village website, www.keybiscayne.fl.gov – a gift of W.J. Matheson descendent Finlay and wife Joan Matheson. The sepia images show a custom “Moorish palace” designed to create the illusion it was floating on the water, and highlight exotic, luxurious interiors that lend an air of mystery to the property.
More recently, the existing home was rented by U.S. Senator Ted Kennedy, an avid yachtsman, in the months prior to his death from a brain tumor in 2009.
Uribe said the property has actually been owned by the same family for over 30 years, and was rented out periodically over that time. It’s been rented for the past three years, he continued, before recently becoming vacant.
Now, “The family feels it is time to pass the baton for another family to enjoy the home.”
And Uribe thinks that could be exactly what happens.
“I would not be surprised if the new owner is a full-time resident, and it would most likely be a family,” he said. “I could definitely see someone from New York or Connecticut buying this for a full-time home. There’s a lot of wealth out there, especially in the northeast.”
He credited Miami’s renaissance as a city of choice – thanks to a bursting cultural scene, diverse and top-quality restaurants, global economic importance, etc. – for that, noting where the area’s high-end real estate market once focused on vacation properties or second homes, it has recently shifted to include more clients who want to call South Florida home.
“More people are moving here,” he reported. “Miami is becoming more and more significant and viable for billionaires than ever before.”
Indeed, it will take very deep pockets to obtain the keys to Mashta Point.
Uribe confirmed the $60 million asking price is the highest in Miami-Dade County at present. If the house sells for that amount, the property could set the record for the most expensive sale in the area, breaking the current mark of $47 million for a home on Indian Creek Island and staying above the $50 million price of a Miami Beach penthouse currently under contract.
And it could be very soon that the property’s fate is decided.
“It could be as quick as a few days,” Uribe said.
“Sometimes it’s a few years. But there is a finite group of people who can afford a property like this, so it’s easy to find them. If someone out there is looking, we could know today or tomorrow,” he remarked Monday.
No matter what happens, the listing is great news for One Sotheby’s, which has a Key Biscayne office at The Square shopping center, and for the Village in general. “It’s a great thing for Key Biscayne,” Uribe said. “It’s good news for sure to see that kind of price-point.”

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