Eddy Martinez and Roland Ortiz Close 49 Palm Avenue on Palm Island for $29 Million
One Sotheby's International Realty's Eddy Martinez and Roland Ortiz closed a restored 1926 Mediterranean Revival waterfront estate on Miami Beach's guard-gated Palm Island for $29,000,000 in October 2026.
Eddy Martinez and Roland Ortiz of One Sotheby's International Realty have closed the sale of 49 Palm Avenue, a restored Mediterranean Revival estate on Miami Beach's guard-gated Palm Island. The home sold for $29,000,000 in October 2026.
Built in 1926 and carefully restored, the residence keeps its original architectural character, from coffered and beamed ceilings to arched and Gothic windows, while adding modern systems and technology throughout. The main house offers about 11,300 square feet of living space across two floors, with a grand salon, formal dining room, office, insulated movie theater, cognac room and art gallery. The chef's kitchen has three Wolf gas ranges, Sub-Zero appliances, an enormous island, a family room and a second dining area. Two elevators serve the home.
The estate sits on about 30,000 square feet of landscaped grounds with exotic trees and fountains, and 100 feet of open bayfront with a private dock, boat lift and a deck over the water. Outdoor lounging and entertaining areas include a rooftop terrace and a pool and spa. A separate guest villa adds a Turkish hammam and sauna, a Jacuzzi, a massage room and a gym, plus its own living room, dining room and kitchen upstairs.
Martinez and Ortiz marketed the home around its heritage, pairing the original Mediterranean Revival architecture with warm, modern interiors so buyers could picture living there today.
Closed sale. $2M+ in live markets only. Listing agents named as published. Photos: Roland + Eddy / One Sotheby's International Realty. Luxury Price Drops is not a brokerage.