The address 40 Palm Ave sold for $45 million in early 2025 — the highest price ever paid for a home on Palm Island. The remarkable part: the same home had sold for $40 million in May 2024.
This is the seventh stop in the series on the 10 micro-markets that concentrate sales above $30 million in Miami-Dade — the ultra-luxury map, address by address.
What Palm Island is
Palm Island is an 82-acre artificial island on Biscayne Bay, in Miami Beach — guard-gated 24 hours, south of Hibiscus Island, accessed via the MacArthur Causeway. Created in 1922 in the same dredging project that produced Star Island and Hibiscus Island, the island carries history: 93 Palm Ave was Al Capone's home, bought by him in 1928.
The anchor sale
In early 2025, 40 Palm Ave — a 2023 new construction of about 14,900 square feet, 8 bedrooms and a private dock — sold for $45 million, the island's record. Less than a year earlier, in May 2024, the same home had sold for $40 million: a $5 million difference in months, on the same property.
The island's ultra-luxury track record
The island's record sequence:
- 40 Palm Ave — $45 million (2025, current record)
- 145 Palm Ave — $40 million (2026)
- 40 Palm Ave — $40 million (2024)
- 158 Palm Ave — $32 million (2023, record at the time)
- 94 Palm Ave — $30 million (2021, record at the time)
Four records in four years — all on the same 82-acre island.
Why it matters for buyers
For buyers, the relevant data point is the movement: when a home changes hands twice in under a year, above $40 million, the micro-market is moving — and moving fast.