David Farmer, the vice president of product for the cryptocurrency exchange Coinbase, has made a significant investment in real estate by acquiring a non-waterfront lot on La Gorce Island in Miami Beach. According to property records, Farmer purchased the parcel located at 31 La Gorce Circle from prominent spec developer Todd Glaser for $10.4 million. The listing was handled by real estate professionals Zachary Vichinsky and Brett Harris of Bespoke Real Estate Florida, while Roberto Quiroz of One Sotheby’s International Realty facilitated the transaction for Farmer.
Farmer, who has been with Coinbase since its inception in 2015, has been instrumental in the company’s growth alongside founders Brian Armstrong and Fred Ehrsam. This background in a pioneering tech firm may indicate a strategic move in the real estate market, particularly in a city known for its luxury properties and vibrant lifestyle.
Todd Glaser, the seller, is a notable figure in South Florida’s real estate scene, recognized for his ability to command high prices within the market. Glaser’s recent accomplishments include the sale of a private island in Palm Beach to Australian billionaire Michael Dorrell for a staggering $150 million in 2024, as well as a $105 million purchase of a North Bay Road compound last summer, which he plans to either flip for $169 million or redevelop into a mansion with a projected asking price of $300 million.
Glaser had acquired the La Gorce lot for $8.3 million in 2022. The 0.6-acre property was marketed as a development opportunity, with proposed plans for an 8,000-square-foot mansion, initially listed at prices reaching as high as $17.4 million, according to Zillow.
La Gorce Island has garnered attention for some of Miami Beach’s most lucrative real estate transactions in recent years. In 2022, developer James Curnin and his wife, Jennifer, sold their newly constructed waterfront mansion for $60 million. The following year, spec developer Philippe Harari’s AquaBlue Group offloaded another waterfront property for $62.5 million. Both transactions, while impressive, fell short of the $100 million benchmark established by consumer products magnate Anand Khubani, who invested nine figures in a 2.4-acre waterfront assemblage in 2024.
In more recent developments, hedge fund manager Nick Maounis has also made headlines in La Gorce. In March, he acquired a neighboring home for $31.5 million, complementing a $75 million purchase he made the previous year, bringing his total La Gorce investment to an impressive $106.5 million.
As the Miami real estate market continues to thrive, high-profile transactions like Farmer’s investment are indicative of the growing demand for luxury properties in the area.
