As if the purchase of the  nearly 13,000-square-foot Mediterranean-style mansion weren’t enough, the undisclosed buyer of Miami Heat president Pat Riley’s $16.8 million bay-front house in Gables Estates is planning to tear it down and start from scratch. The house, located at 280 Arvida Parkway, comes equipped with an expansive in-ground pool with waterfalls and an aqua bar, a theater, wine cellar, and library. Sitting on an 80,000 square foot plot, the residence has five bedrooms, and eight baths.

But the amenities weren’t what drew the mysterious millionaire to purchase the property; it was the pristine two acre lot in Biscayne Bay. As the global super-rich flock to the priciest, most luxurious homes and condos in South Florida, and Miami in particular, bay waterfront property is becoming more rare, even as the number of interested parties with deep pockets grows.

“Land has been scarce. A majority of the projects we’re touching are all knock-downs. Or it’s been knocked down by the time we get there,” said Sean Murphy, executive vice president of luxury builder Coastal Construction. “You’re seeing more people buying not one lot, but one, two, three.”

Murphy continued, ““It’s really trending to the ultra-luxury. All sorts of exotic materials — exotic woods, exotic marbles, exotic stones. Everything is so exotic.”

That trend towards ultra-luxury and exoticism has certainly paid off for Pat Riley, who originally purchased the house in 1996 for $6.3 million; an almost three-fold profit.

Photos of Riley's former home:

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Image Credit: Realtor.com