Playtech founder Teddy Sagi has purchased a $24 million waterfront property in Miami Beach, with plans to demolish the existing structure and build a modern mansion. The 1.3-acre lot features 150 feet of water frontage and currently houses a 12,300-square-foot residence.

The property at 4521 Pine Tree Drive includes a 40-foot dock backing up to Indian Creek, opposite the historic Fontainebleau. Annual property taxes amount to nearly $300,000, with an estimated monthly payment of $141,000 on a 30-year mortgage.

Sagi, who maintains residences in Tel Aviv's Herzliya neighborhood and London's Holborn district, acquired the property from the estate of Canadian businessman Albert Reichmann, who originally purchased the land for $750,000 in 1991.

The Israeli-born tech entrepreneur founded Playtech in 1999, developing it into a leading iGaming software provider serving major operators like Entain, MGM Resorts, Hard Rock International, and Caesars Entertainment. After taking the company public in 2006, Sagi sold his entire stake by 2018 to focus on investments in real estate, coworking spaces, cybersecurity, and e-commerce.

Forbes currently estimates Sagi's net worth at approximately $6.4 billion. The previous owner, Reichmann, was part of the family behind Olympia & York, which developed notable properties including New York's World Financial Center and London's Canary Wharf before selling to Brookfield Asset Management in 2005 for $2.1 billion.

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