Ultra-Exclusive Fisher Island Penthouse Sells for $37.8 Million in Second-Highest Residential Deal in the Island’s History

A stunning seven-bedroom penthouse located at the prestigious Palazzo Della Luna on Fisher Island has officially changed hands, fetching a remarkable $37.8 million in a deal finalized on October 28, 2026. The expansive residence initially hit the Miami Beach luxury market in June 2025 with an ambitious asking price of $50 million, drawing intense interest from high-net-worth buyers seeking unmatched privacy and top-tier amenities in one of South Florida’s most secluded enclaves.

Even with a substantial price reduction of $12.2 million, translating to roughly a 24% discount off the original listing price, the transaction stands as the second-highest residential sale ever recorded on the ultra-exclusive island. Fisher Island’s all-time record-breaking sale remains a five-bedroom condominium that commanded $40 million back in 2021.

Representing the seller in the high-stakes transaction was Sam Gaita of The Corcoran Group, while the buyer was represented by Andrew Holtz of Compass. Public records and previous reports from The South Florida Business Journal identify the seller as ALJ Properties USA LLC, an entity managed by Alicia L. Jarrett and Camilio Miguel Jr., who shares a Miami address with Mast Capital, where Miguel serves as founder and CEO. Property records indicate that the luxury penthouse last changed hands for $23.75 million in 2021, reflecting a significant appreciation in value over the five-year span leading up to the 2026 sale.

Completed in 2019, the sophisticated residence spans an impressive 9,852 square feet of interior space. The home is defined by high-end finishes and bespoke architectural details, including gallery-style walls designed for art collectors, wide-oak flooring, and a state-of-the-art Boffi kitchen equipped with double Miele and Sub-Zero appliances. Based on the final purchase price of $37.8 million and the interior square footage, the transaction breaks down to approximately $3,837 per square foot.

The interior living spaces are framed by floor-to-ceiling windows that flood the home with natural light while offering sweeping, uninterrupted vistas. Retractable glass walls seamlessly blend the indoor living areas with an additional 4,500 square feet of outdoor terraces. These expansive exterior spaces provide panoramic views of the Atlantic Ocean, Biscayne Bay, and the glittering Miami skyline. Among the standout interior features of the Palazzo Della Luna residence is a custom aquarium integrated directly into the main living area, adding a dynamic and tranquil focal point to the open-plan design.

The lavish primary suite serves as a private sanctuary within the residence, featuring its own fireplace, a dedicated lounge area, dual walk-in closets, and a luxurious fluted marble bathroom that offers panoramic 180-degree views of the surrounding waters. In addition to the main terraces, the penthouse boasts a sprawling 2,500-square-foot rooftop terrace tailored for large-scale entertaining. This upper-level retreat includes a fully equipped outdoor kitchen and a private swimming pool, setting the property apart from many of its peers in the luxury market.

Sam Gaita emphasized the rarity of this particular amenity during commentary on the transaction, noting that without question, the private rooftop terrace with a swimming pool stands out as the home’s most impressive feature. He pointed out that this is the only "lower" penthouse on Fisher Island to offer a private rooftop equipped with a pool, describing it as an extremely rare commodity throughout the entire Miami metropolitan area.

Beyond the primary living spaces and the rooftop oasis, the residence includes practical luxury features such as separate staff quarters and dedicated garage parking for two vehicles.

The property’s allure is heavily tied to its unique geographic and social setting. Fisher Island is an ultra-exclusive, private country club island that is entirely inaccessible by standard vehicular bridges, remaining reachable only by boat, ferry, or helicopter. Spanning 216 acres, the private island offers residents a secluded environment complete with a private beach club, a yacht club, multiple fine-dining venues, tennis and pickleball courts, padel facilities, and a comprehensive spa reserved exclusively for members and their invited guests.

Gaita noted that the key to closing the deal was successfully connecting with a buyer who truly understood and appreciated the property’s distinct characteristics. He explained that what ultimately drove the record sale was attracting the buyer who best aligned with and valued the one-of-a-kind features the residence has to offer. He added that the island’s exclusive location, functioning much like a private country club, is not something that can be easily replicated, and serious luxury buyers clearly understand that intrinsic value.

According to Gaita, Fisher Island has consistently attracted discerning buyers who prioritize absolute privacy above all else. Transactions of this magnitude place the island firmly in the same conversational tier as other ultra-exclusive South Florida strongholds such as Indian Creek Island and Star Island.