Teddy Sagi, the founder of the gaming software development giant Playtech, has purchased a huge waterfront home in Miami Beach. The billionaire is reportedly planning to demolish the old building and construct a state-of-the-art mansion.
Sagi Envisions Erecting a High-Tech Mansion
The home in question was sold to Sagi by a company related to the late Canadian real-estate mogul Albert Reichmann. Reichmann, whose family was behind the construction of the World Financial Center and Canary Wharf, acquired the Miami Beach property in 1991 for $750,000. It was now sold to Sagi for $24 million, in line with an earlier announcement.
The existing house was constructed in 1995, four years after the Reichmanns purchased the property. The house has six bedrooms and stands on a lot spanning 1.3 acres. Located on 4521 Pine Tree Drive, the property has over 150 feet of water frontage, as well as a 40-foot dock.
Teddy Sagi, who bought the home, is an Israeli billionaire with a net worth of $6.4 billion. Representatives of One Sotheby’s International Realty, which handled the listing of the property, said that the Playtech founder adored its huge size.
Sagi’s reported plans are to tear down the existing house and erect a new mansion with a beautiful backyard. According to the One Sotheby’s International Realty representatives, the Playtech founder is planning the new building to leverage cutting edge technology that would differentiate it from other nearby homes.
Sagi, who founded Playtech in 1999, has yet to respond to requests for comment on the matter.
Other Playtech Business News
In other news, Playtech investors are patiently awaiting the General Meeting on December 19, which will see them discuss a controversial executive bonus plan along with a new long-term incentive proposal. After the initial pushback, the company revised the directors’ remuneration plan and will present its new variant to the investors on the aforementioned date.
In November, reports claimed that Playtech is considering a sale of its Happybet betting brand, which has so far struggled to gain traction in Austria. People familiar with the matter claimed that Playtech had engaged Oakvale Capital, a leading M&A and strategic advisory boutique focused on gaming, gambling and sports, to assist with the deal.
