Canadian Billionaire Patrick Dovigi Acquires $27.5M Waterfront Estate in Miami Beach's Exclusive Sunset Islands
Waste Management Tycoon Expands Luxury Real Estate Portfolio in South Florida
Former hockey player turned waste management magnate Patrick Dovigi has added another trophy property to his impressive real estate collection, acquiring a stunning waterfront estate in Miami Beach's coveted Sunset Islands for $27.5 million. The purchase comes approximately one month after the Canadian billionaire made headlines with his record-breaking $69.5 million sale of a partially constructed mansion in Bal Harbour.
Property records reveal that Dovigi, founder and CEO of Green For Life (GFL) Environmental, purchased the luxurious residence at 1525 West 24th Street through a limited liability company. The transaction was financed with a substantial $19.3 million mortgage from financial giant J.P. Morgan, highlighting Dovigi's strategic approach to high-value real estate investments.
Inside the Exclusive Sunset Island III Property
Situated on the prestigious Sunset Island III, the newly acquired estate offers a blend of luxury and privacy that has become synonymous with Miami Beach's most exclusive enclaves. The 11,340-square-foot mansion sits on a generous 0.6-acre lot and provides an impressive 156 feet of prime water frontage—a highly coveted feature among ultra-wealthy buyers in South Florida's competitive luxury market.
Built in 2005, the property features seven bedrooms and nine bathrooms, providing ample space for family living and entertaining. The residence boasts numerous luxury amenities, including:
- A heated swimming pool and spa complex
- A fully equipped outdoor kitchen for al fresco dining
- A rooftop terrace offering panoramic views of Biscayne Bay and the Miami skyline
- Meticulously landscaped grounds with private dock access
The previous owner, a land trust managed by David A. Bradley, had acquired the property in 2021 for $17 million, representing a substantial appreciation of $10.5 million in just three years—a testament to the continued strength of Miami's luxury real estate market despite fluctuating economic conditions nationwide.
The Deal-Makers Behind the Transaction
The high-profile transaction was facilitated by prominent figures in Miami's luxury real estate landscape. Jill Hertzberg of the renowned Jills Zeder Group at Coldwell Banker represented the seller, while her children, Danny and Hillary Hertzberg of the same prestigious team, acted on behalf of Dovigi. This family collaboration highlights the close-knit nature of Miami's ultra-luxury real estate community, where relationships and reputation play critical roles in facilitating multi-million dollar deals.
The Jills Zeder Group has established itself as a powerhouse in South Florida's luxury real estate sector, consistently ranking among the top-producing teams nationwide and specializing in properties priced above $10 million.
Patrick Dovigi: From Hockey Player to Billionaire Entrepreneur
Dovigi's remarkable journey from professional athlete to business titan represents an extraordinary success story. Before founding GFL Environmental, Dovigi had a brief career as a professional hockey player, serving as goaltender for the NHL's Edmonton Oilers in 1997.
Following his sports career, Dovigi established Toronto-based GFL Environmental, which has grown into one of North America's largest waste management companies. The company's explosive growth accelerated following its 2018 merger with American firm Waste Industries, solidifying Dovigi's position among Canada's business elite.
In 2023, the Canadian Centre for Policy Alternatives recognized Dovigi as Canada's wealthiest CEO, underscoring his remarkable business acumen and strategic vision in building a waste management empire.
Dovigi's Strategic Miami-Dade Real Estate Maneuvers
This latest acquisition continues Dovigi's pattern of strategic investments in South Florida's premium real estate market. His most notable transaction occurred just weeks before the Sunset Islands purchase, when he sold his partially constructed mansion at 276 Bal Bay Drive for a staggering $69.5 million to an unidentified buyer using a hidden trust structure.
That sale established a new price record for Bal Harbour, demonstrating Dovigi's knack for identifying and capitalizing on high-value investment opportunities. Additionally, property records show that in 2023, Dovigi divested a luxury condominium on exclusive Fisher Island for $20 million, further diversifying his investment portfolio.
These transactions reflect a sophisticated investment strategy focused on acquiring, developing, and selling premium properties in Miami-Dade County's most desirable locations, positioning Dovigi as a significant player in South Florida's competitive luxury real estate market.
Insights About Luxury Real Estate in Miami Beach
Why are international billionaires like Dovigi particularly attracted to Miami Beach's waterfront properties?
Miami Beach offers a unique combination of tax advantages, year-round pleasant climate, cultural amenities, and international accessibility that appeals to ultra-high-net-worth individuals. Waterfront properties in exclusive enclaves like Sunset Islands provide both privacy and status, while offering a lifestyle that combines luxury with practical benefits like private docking facilities for yachts.
How has the luxury real estate market in Miami's exclusive islands evolved over the past decade?
Miami's island communities have transformed from seasonal destinations to primary residences for the global elite. Property values have appreciated significantly, with average prices on Sunset Islands and similar enclaves increasing by over 150% in the last decade. The pandemic accelerated this trend, with many wealthy individuals seeking spacious waterfront properties in tax-advantaged locations.
What return on investment can luxury property owners expect in areas like Sunset Islands?
The Dovigi transaction demonstrates the potential appreciation in these markets—the property increased in value by 62% in just three years (from $17M to $27.5M). While past performance doesn't guarantee future results, properties in Miami's most exclusive enclaves have historically outperformed broader real estate indexes, particularly those with direct water access and sufficient space for modern luxury amenities.
How does Miami Beach's luxury market compare to other premium global destinations?
While still more affordable than comparable properties in New York, London, or Hong Kong on a per-square-foot basis, Miami Beach has been closing the gap. The city offers larger lot sizes and more new construction opportunities than many established global luxury markets, making it particularly attractive for buyers seeking customizable estates with modern amenities.
What environmental considerations impact waterfront luxury properties in Miami?
Sophisticated buyers like Dovigi are increasingly aware of climate resilience features in waterfront properties. Modern estates typically incorporate elevated construction, advanced drainage systems, and hurricane-resistant features. Properties built after certain code changes (like this 2005 construction) generally command premium prices due to their enhanced protection against flooding and severe weather.
