Playtech Founder Teddy Sagi Buys $24M Miami Waterfront Property for Demolition
Playtech founder Teddy Sagi has purchased a $24 million waterfront property in Miami Beach, with plans to demolish the existing structure and build a modern mansion. The 1.3-acre lot features 150 feet of water frontage and currently houses a 12,300-square-foot residence.
White mansion overlooking waterfront
Located at 4521 Pine Tree Drive, the property includes a 40-foot dock backing up to Indian Creek, opposite the historic Fontainebleau. The annual property taxes amount to nearly $300,000.
The Israeli-born billionaire purchased the property from the estate of Canadian businessman Albert Reichmann, who originally bought the land for $750,000 in 1991 and built the current six-bedroom house in 1995.
Sagi, worth an estimated $6.4 billion, founded Playtech in 1999. The company became a leading developer of iGaming and interactive gambling products, serving major operators like Entain, MGM Resorts, Hard Rock International, and Caesars Entertainment. After taking the company public in 2006, Sagi sold his entire stake by late 2018 to focus on investments in real estate, coworking, cybersecurity, and e-commerce.
Luxury mansion amid lush landscaping
Modern poolside villa exterior
The property's previous owner, Reichmann, was part of a prominent real estate family whose firm Olympia & York developed notable projects including New York's World Financial Center, London's Canary Wharf, and Toronto's First Canadian Place. The family sold their real estate empire to Brookfield Asset Management in 2005 for $2.1 billion.
Sagi maintains residences in Tel Aviv's Herzliya neighborhood and London's Holborn district, adding this Miami Beach property to his real estate portfolio.
