Coinbase VP Drops $10.4M on La Gorce Development Site
David Farmer, Coinbase's vice president of product, purchased a non-waterfront lot on Miami Beach's exclusive La Gorce Island for $10.4 million from prominent spec developer Todd Glaser. The transaction adds to a growing list of high-profile technology executives investing in South Florida's luxury real estate market.
David Farmer, vice president of product at cryptocurrency exchange Coinbase, has acquired a development lot on Miami Beach's prestigious La Gorce Island for $10.4 million, according to property records.
The transaction involved a non-waterfront parcel at 31 La Gorce Circle, sold by prominent spec developer Todd Glaser. Zachary Vichinsky and Brett Harris with Bespoke Real Estate Florida represented the seller, while Roberto Quiroz from One Sotheby's International Realty brought the buyer to the deal.
Farmer brings significant tenure to his real estate investment, having joined Coinbase in 2015 as an early executive. His arrival came just three years after co-founders Brian Armstrong and Fred Ehrsam launched the crypto platform through the prestigious Y Combinator startup incubator program.
The seller, Todd Glaser, originally purchased the 0.6-acre site in 2022 for $8.3 million, generating a substantial profit margin on the recent sale. Glaser has established himself as a prolific spec developer throughout South Florida, consistently setting price benchmarks in the ultra-luxury market segment.
Property listings showed the lot marketed as a development opportunity featuring plans for an 8,000-square-foot mansion, with asking prices reaching as high as $17.4 million according to Zillow data.
Glaser's recent portfolio highlights include the record-breaking sale of a private Palm Beach island to Australian billionaire Michael Dorrell for $150 million in 2024. Last summer, he acquired a waterfront North Bay Road compound for $105 million, planning either a $169 million flip or a complete redevelopment targeting $300 million.
La Gorce Island has emerged as a hotbed for ultra-luxury transactions in recent years. Developer James Curnin and his wife Jennifer achieved a $60 million sale for their newly completed waterfront mansion in the previous year. The year prior, spec developer Philippe Harari's AquaBlue Group completed a $62.5 million waterfront spec mansion transaction.
These significant deals pale compared to the island's current price record, set by consumer products mogul Anand Khubani, who spent $100 million on a 2.4-acre waterfront assemblage in 2024.
Most recently, hedge fund manager Nick Maounis demonstrated continued confidence in the area by purchasing a $31.5 million property in March. This acquisition complemented his $75 million mansion purchase from the previous year, bringing his total La Gorce investment to $106.5 million across neighboring properties.
The transaction reflects broader trends of technology executives relocating to South Florida, attracted by the region's favorable tax environment and growing tech ecosystem. Farmer's investment joins a wave of California-based tech leaders establishing significant real estate positions in the Miami market.
