Real Estate News

Dean’s Gold strip club sells for $23.5 million

An aerial view of the 2.2-acre site that sold for $23.5 million in North Miami Beach. The land currently houses Dean’s Gold strip club.
An aerial view of the 2.2-acre site that sold for $23.5 million in North Miami Beach. The land currently houses Dean’s Gold strip club.

For that price, it better come with free passes to the champagne room.

Dean’s Gold strip club in North Miami Beach has sold for an eye-popping $23.5 million, or $240 per square foot of land, and the new owners have plans to redevelop the property, which also traded hands last year.

The club sits on a 2.2-acre lot on the northeast corner of Biscayne Boulevard and Northeast 163rd Street near Aventura Mall. It was recently rezoned for high-density development, according to buyers Privé Land Banking and CK Holding Group.

$23.5 millionSales price for Dean’s Gold strip club in North Miami Beach

“There are very few development sites in South Florida featuring such a valuable combination of main thoroughfare visibility and access, proximity to affluent neighborhoods and flexible development potential,” Javier Rabinovich, chief executive of Privé, said in a statement.

In March, the city of North Miami Beach rezoned eight neighborhoods to allow for higher-density, mixed-use projects.

Dean’s has a lease on its building until 2020, but may find its time cut short because of the deal.

“I’m not worried,” said Dean Tyler, who has owned the club since 1998, but sold the land on which it sits last year. “Business is phenomenal.”

Tyler said he has not yet spoken to the new buyers.

He sold the land for $16.5 million to an Aventura-based investment firm in 2014, which then flipped the parcel to Privé and CK Holding, according to county property records.

When asked by email how long Dean’s would stay on the property, Seth Gordon, a spokesman for the buyers, simply wrote: “Until the new owners commence construction.”

Local strip clubs are selling for hot, hot, hot prices. In August, the retail complex that houses Tootsie’s in Miami Gardens sold for $15.3 million.

Nicholas Nehamas: 305-376-3745, @NickNehamas

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