Tech billionaire Eric Schmidt has been acquiring waterfront residences on the Sunset Islands of Miami Beach, recent reports reveal. Schmidt, the former CEO of Google, recently purchased two adjacent properties on the islands for a combined total of $63 million. These include the mansion at 2511 Lake Avenue, owned by developers Craig Robins and Jackie Soffer, which sold for $36 million, and the property next door at 2501 Lake Avenue, which sold for $27 million. Together, these contiguous lots encompass 1.2 acres and the transactions closed within a day of each other.
Since 2020, Schmidt and his wife, Wendy, have been accumulating homes on the Sunset Islands, with at least five of them located on Sunset Island II, the largest of the four man-made gated islands west of the Miami Beach Golf Club. The combined value of these acquisitions amounts to nearly $114 million. Schmidt is following in the footsteps of other billionaires, like hedge fund manager Ken Griffin and the Bezos family, who are also expanding their portfolios in South Florida’s high-end real estate market.
According to Forbes, Schmidt’s net worth exceeds $20 billion. Despite numerous requests for comment, neither Schmidt, his representative, nor his attorney, Stuart Grossman of LKLSG, provided any response.
The agents involved in Schmidt’s recent Miami Beach acquisitions declined to comment. It appears that Jill Hertzberg of The Jills Zeder Group at Coldwell Banker represents Schmidt in most of his residential purchases in the city, though she too declined to comment.
The former residence of developers Craig Robins and Jackie Soffer, both CEOs of Dacra and Turnberry Associates respectively, was listed for $45 million in February but sold at a 20 percent discount. It was initially offered by Hertzberg and her colleague Jill Eber. Media mogul Barry Diller, who is married to fashion designer Diane von Furstenberg, reportedly made an offer on the property but did not complete the purchase.
In addition to these acquisitions, Schmidt, through Delaware entities managed by the same attorney, is linked to several other purchases in the area. These include a $17.4 million waterfront property on Sunset Island II and a $25.5 million residence on Sunset Island II. Schmidt also acquired a waterfront property for $8 million in 2020 and received approval to construct a new house on the lot the following year.
There is speculation that Schmidt may also be the true owner of at least two homes on Sunset Island I, amounting to an additional $25.3 million.
Furthermore, the Schmidts are backing the development of a five-story office building in South Beach, holding an 88 percent stake in the entity that owns the development site. Construction began this year.
Prior to joining Google in 2001, Schmidt served as chairman and CEO of the software company Novell. He was Google’s CEO from 2001 to 2011 and later served as the executive chairman until 2015. Following this, he became the executive chairman of Google’s holding company, Alphabet, until 2018, and served as a technical adviser to Alphabet from 2018 to 2020.
