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.

Located at 4521 Pine Tree Drive, the property includes a 40-foot dock backing onto Indian Creek, opposite the historic Fontainebleau. The annual property taxes amount to nearly $300,000.

The property was previously owned by Canadian businessman Albert Reichmann, who purchased the land for $750,000 in 1991 and constructed the current six-bedroom house in 1995.

Sagi, worth an estimated $6.4 billion according to Forbes, founded Playtech in 1999. The company became a leading developer of iGaming and interactive gambling products, 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 late 2018 to focus on investments in real estate, coworking, cybersecurity, and e-commerce.

The Israeli-born billionaire maintains residences in Tel Aviv's Herzliya neighborhood and London's Holborn district, with this Miami Beach property being his latest high-profile real estate acquisition.

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