Ultrarich buyers are seeking compounds -- not to build bigger mansions but to pack neighboring lots with luxe amenities. Courtesy of Evan Joseph

The gravitational pull of extreme wealth is warping the economics of real estate in Miami.

Suddenly, 2 + 2 = 5, and then some. Across the city, buyers are gobbling up neighboring lots to create large estates more valuable as a whole than their constituent parts. Meanwhile, the value of existing waterfront estates has entered the stratosphere. Simply put: “People want land,” says Brett Harris of Bespoke Real Estate.

He’s marketing the prime example: 5940 N. Bay Road on La Gorce Island. A historic 22,000-square-foot, eight-bedroom, 16-bath mansion on 2.3 acres, it’s asking an incredible $169 million. Built in 1936, it’s the most expensive pu

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