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 a 40-foot dock backing up to Indian Creek.

The current property at 4521 Pine Tree Drive includes a 12,300-square-foot residence with six bedrooms, built in 1995. According to One Sotheby's International Realty, the oversized lot's potential for new construction was a key factor in Sagi's purchase decision.

The property, which carries annual taxes of nearly $300,000, was previously owned by Canadian businessman Albert Reichmann, who acquired the land in 1991 for $750,000.

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 Playtech public in 2006, Sagi sold his entire stake by 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 set to join his real estate portfolio.

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