Mayweather made money on this house. The flipper who bought it didn't
A 20-month hold on Miami Beach waterfront that gave back 16%. The celebrity seller is the one who won.
The Miami Beach waterfront house at 288 South Coconut Lane has resold for $18.5 million. An LLC tied to Josh Gotlib of Black Spruce Management bought it from Floyd Mayweather for $22 million in November 2024, which puts the trade $3.5 million below basis after a hold of roughly 20 months.
Why it matters
Miami Beach single-family waterfront is the asset class South Florida’s luxury market uses to tell itself the run is intact. This is a clean, documented instance of it going the other way, at the top of the market, on a trophy address, in the same week the metro passed New York on cost of living.
For agents and for anyone underwriting spec luxury, the sequence matters more than the number. Mayweather bought at $18 million in 2021 and sold at $22 million in 2024. The next owner bought that appreciation and gave it back. The party who made money is the one who owned through the run-up; the party who bought the run-up did not.
That is the profile of a market where price growth has stopped compensating for holding cost, not one where distress has arrived. There is no foreclosure here and no forced seller. There is a 16% haircut on a voluntary sale, which is the earlier and quieter signal.
The numbers
The house is 10,818 square feet with nine bedrooms and ten and a half bathrooms, an indoor theater, gym, pool, elevator, game room and four garages sized for ten cars. At $18.5 million that is about $1,710 a foot on the improvements, though on a Coconut Lane waterfront lot the land is the asset and the house is depreciating on top of it.
The full price history runs $18 million in 2021, $22 million in November 2024, $18.5 million in July 2026. Five years of ownership across two parties produced roughly $500,000 of nominal appreciation, about 2.8%, and all of it accrued to the first seller. The second owner’s 20-month hold cost $3.5 million before carry, insurance and transaction expense, which on a Miami Beach waterfront insurance load is not a rounding error.
Black Spruce Management, Gotlib’s firm, is primarily a multifamily investor rather than a luxury spec operator.
What’s next
Watch the next three trades on Coconut Lane, Hibiscus and Palm Island. One resale below basis is an outlier and a seller’s circumstance. Three is a repricing, and it would land while the county’s own permit record shows 413 residential units approved in a month against 5.33 million square feet of construction.
For agents pricing waterfront listings this quarter, the usable data point is that a 2024 basis is no longer automatically a floor. South Florida residential coverage runs on our South Florida hub.