A Billionaire’s Seaside Retreat Hits the Market
After years of calling Key Biscayne home, Jay Schottenstein, the billionaire CEO and chairman of American Eagle Outfitters, is parting ways with his expansive oceanfront penthouse. Listed for $34 million, this architectural marvel is a stunning representation of luxury coastal living in one of South Florida’s most exclusive enclaves.
The property sits atop the Grand Bay Tower development, a prestigious 14-story structure located on a barrier island just minutes from downtown Miami. Schottenstein’s penthouse is not just a home — it’s a mega-residence created by combining two individual penthouse units into one sprawling living space. With sweeping views of the Atlantic Ocean, Biscayne Bay, and the Miami skyline, the residence is truly a slice of paradise.
A $34M Marvel of Modern Design
Totaling 10,400 square feet of interior space, this grand residence also boasts over 3,200 square feet of wraparound terraces, offering breathtaking views and a seamless indoor-outdoor living experience. The design is the brainchild of Geoffrey Bradfield, who meticulously transformed the combined penthouses into a sleek, modern masterpiece.
The four-bedroom, six-bathroom residence is a celebration of craftsmanship, with standout features such as:
Sleek marble flooring throughout, creating a pristine, polished look. Custom wood-paneled ceilings, adding a sense of warmth and elegance. Built-in cabinetry and gallery walls for art enthusiasts looking to display their collection. Floor-to-ceiling glass windows that flood the home with natural light and showcase breathtaking ocean views.
The penthouse also features two private elevator landings, providing privacy and exclusivity to residents and their guests.
Luxury Living Spaces Fit for Royalty
The home’s layout was carefully curated to ensure every space serves a purpose, and every detail enhances the luxury living experience.
Living and Dining Areas: The grand living area serves as the heart of the home, complete with a showstopping mosaic mural that acts as a focal point of artistic beauty. The formal dining room flows seamlessly into the kitchen, making it ideal for large family gatherings or entertaining guests. Gourmet Chef’s Kitchen: The kitchen is a modern chef’s dream, featuring dual kitchen islands, top-tier stainless steel appliances, and a sunlit breakfast nook with a front-row view of the sparkling ocean. This open-concept design combines functionality with luxury, ensuring that every meal is prepared with ease and elegance. Entertainment and Relaxation: Beyond its stunning aesthetic, the residence also provides dual offices for remote work, a family room with a built-in bar for entertaining, and a dedicated wine storage room to house a connoisseur’s finest vintages. The Opulent Primary Suite: The crown jewel of the home is the opulent primary suite, designed as a tranquil retreat with panoramic ocean views. The spa-like en-suite bath is a work of art, featuring a floating spa tub next to a glass-enclosed shower, creating a space of relaxation and rejuvenation. Outdoor Spaces: The wraparound terraces create a private sanctuary where residents can bask in the sun, dine al fresco, or simply take in the soothing sights and sounds of the ocean. 
Resort-Style Amenities and Community Perks
Living in the Grand Bay Tower isn’t just about the residence itself — it’s also about the exclusive community perks. The HOA fee of $10,632 per month gives residents access to world-class services and amenities, including:
24-hour gated security with guards shared with the neighboring Ritz-Carlton resort. Five dedicated parking spaces, providing ample room for luxury vehicles. Direct access to a secluded beach, allowing residents to enjoy a quiet slice of South Florida’s stunning shoreline.
With these amenities and services, the Grand Bay Tower offers a resort-like experience that ensures residents live in total comfort, security, and privacy.
From $5 Million to a $34 Million Masterpiece
Jay Schottenstein’s real estate journey with this property began in 2007 when he and his wife, Jeanie Schottenstein, purchased the first penthouse unit for $5 million. Shortly after, they acquired the neighboring unit for an undisclosed amount. Over the next five years, the couple embarked on a major renovation project to combine the two penthouses into one mega-residence, creating the show-stopping property it is today.
This investment of time, money, and vision has certainly paid off. With its $34 million asking price, the Schottensteins are set to make a significant return on their investment, adding to the family’s already massive wealth.
A Look Inside the Schottenstein Family Empire
Jay Schottenstein is the chairman and CEO of American Eagle Outfitters, but his business empire extends far beyond retail clothing. He is also linked to major names like:
American Signature Furniture DSW (Designer Shoe Warehouse)
The Schottenstein family is one of Ohio’s wealthiest families, and they hold numerous properties across the U.S., including multiple Miami-area residences and a sprawling estate in Columbus, Ohio, where the family is originally from.
A New Chapter for the Schottenstein Family
The decision to part with the Key Biscayne penthouse may come as a surprise, but it aligns with a larger pattern of high-profile billionaires selling off trophy properties in South Florida. Miami’s real estate market has become a hotbed for luxury transactions, driven by wealthy families, celebrities, and business titans looking for waterfront escapes.
Why now? It’s possible that Schottenstein is ready to downsize his Miami holdings or shift his attention to other investments. Or perhaps the allure of a lucrative real estate profit was too hard to resist.
Regardless of the reasoning, the sale will undoubtedly add to the Schottenstein family’s financial empire, and whoever becomes the next owner of this oceanfront masterpiece will be purchasing one of the finest penthouses in all of Miami.
Key Takeaways Property: 10,400 sq ft of living space, 3,200 sq ft of terraces. Features: 4 bedrooms, 6 bathrooms, gourmet kitchen, formal dining, dual offices, family room, wine storage, spa-like master suite, and private elevator landings. Location: Key Biscayne, FL, at the prestigious Grand Bay Tower. History: Originally purchased by Jay Schottenstein in 2007, the property underwent a 5-year transformation into a mega-penthouse by combining two units. Listing Price: $34 million. Community Perks: 24-hour security, access to the secluded beach, 5 parking spaces, Ritz-Carlton amenities, and more. Final Thoughts
The $34 million Key Biscayne penthouse owned by Jay Schottenstein is more than just a home — it’s a symbol of success, luxury, and architectural brilliance. With world-class finishes, jaw-dropping views, and an unmatched location, it’s no surprise that this home is commanding such a premium price tag.
Whether it’s purchased by another billionaire, a celebrity, or a high-net-worth individual looking for a slice of South Florida paradise, this penthouse will undoubtedly remain one of the most exclusive properties in Miami’s real estate market.
The Schottensteins’ decision to sell marks the end of an era for their time in Key Biscayne, but it also signals an opportunity for a new buyer to step into the lap of luxury. With unparalleled design, resort-style amenities, and a story of success behind it, this property is destined to make headlines.
