Posted on: December 6, 2024, 03:48h.
Last updated on: December 6, 2024, 03:48h.
On Wednesday, Playtech founder Teddy Sagi purchased a 1.3-acre property in Miami Beach for nearly $24 million. The land has 150 feet of water frontage and a 12,300 square feet house built in 1995, which Sagi plans to demolish in favor of a new modern mansion.
One Sotheby’s International Realty, which handled the listing of 4521 Pine Tree Drive, told Mansion Global, a luxury real estate magazine and website, that Sagi intends to demolish the current home to construct a new, modern mansion.
“This is an oversized lot. That’s why [Sagi] loved it. He can build a big home and have a beautiful backyard,” said realtor Saddy Delgado.
The property includes a 40-foot dock that backs up to Indian Creek, with the historic Fontainebleau across the channel. Delgado said potential buyers of the property were split on whether they would keep the house or thought the land was worth more without the current structure.
Sagi’s Miami Beach property incurs annual property taxes of nearly $300K. While he won’t be financing the purchase, Zillow estimates a 30-year monthly payment for the property would be around $141K.
Sagi has residences in Tel Aviv’s Herzliya neighborhood and London’s Holborn district.
Playtech Founder Background
Israel-born Sagi founded Playtech in 1999, targeting the gaming industry during the tech boom. The company’s success made Sagi, now 51, extremely wealthy.
Playtech became a leading developer of iGaming and interactive gambling products, serving clients like Entain, MGM Resorts, Hard Rock International, and Caesars Entertainment.
Sagi took Playtech public in 2006 on the London Stock Exchange, with an 81% ownership stake at the time of the IPO.
By late 2018, Sagi had sold his entire stake in Playtech to focus on real estate, coworking, cybersecurity, and e-commerce investments, estimating his net worth to be approximately $6.4 billion.
For more information on Sagi, refer to Casino.org’s exposé on the billionaire.
Property History
Sagi acquired the residence from Canadian businessman Albert Reichmann’s estate, who bought the land in 1991 for $750K and constructed the current home four years later.
Reichmann, along with his brothers, was a real estate magnate known for major developments like the World Financial Center in New York City and London’s Canary Wharf.
The Reichmann family sold their firm and real estate investments in 2005 for $2.1 billion to Brookfield Asset Management, with properties like Atlantis Paradise Island and the former Hard Rock Las Vegas in their portfolio.
