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Masoud Shojaee Net Worth 2024: The $300 Million Empire, $650M Projects, And A Recent $8M Foreclosure Battle

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The financial landscape of South Florida’s real estate elite is rarely static, and as of late 2024, Masoud Shojaee’s profile is a prime example of this dynamic reality. The founder and CEO of Shoma Group, a powerhouse in Miami real estate development, is widely rumored to command a net worth *in excess of $300 million*, a figure built on decades of multi-million dollar residential and commercial projects. However, a recent, high-profile financial dispute involving an $8 million foreclosure lawsuit has brought fresh scrutiny to the true liquidity and financial maneuvers of the man known for luxury developments like CityPlace Doral and the upcoming Shoma Bay. The absence of an official, up-to-the-minute Forbes list valuation for Masoud Shojaee means his wealth must be calculated through the massive scale and total sales value of Shoma Group’s portfolio. With a track record spanning over 35 years and billions in completed projects, the $300 million estimate is a conservative reflection of his equity in the company, his personal assets, and the immense value generated by developments across South Florida, even as the market presents new, significant challenges.

Masoud Shojaee: A Brief Biography and Real Estate Profile

Masoud Shojaee's journey from an immigrant to one of Miami's most influential real estate moguls is a classic American success story, deeply rooted in technical expertise and strategic market timing. His career is defined by a consistent ability to adapt, moving from single-family homes to large-scale, mixed-use commercial and luxury condominium developments.
  • Full Name: Masoud Shojaee
  • Born: Iran (Immigrated to the U.S. in 1978)
  • Education: The University of Miami (B.S. in Electrical Engineering)
  • Professional Start: Began his career as an Electrical Engineer.
  • Key Licenses: Licensed General Contractor (since 1987) and Licensed Real Estate Broker (since 1990).
  • Company Founded: Shoma Group (1988), a portmanteau of the syllables of his name.
  • Position: CEO and Chairman of Shoma Group.
  • Spouse: Stephanie Shojaee (President of Shoma Group and a prominent figure on *The Real Housewives of Miami*).
  • Children: 2.
  • Primary Market: South Florida (Miami-Dade and Broward Counties).

The $300 Million Net Worth: Anchored by Shoma Group's Mega-Projects

The widely cited net worth figure for Masoud Shojaee is consistently estimated to be in excess of $300 million, a valuation that places him firmly among the wealthiest non-public developers in the region. This valuation is not based on a single salary but on the accumulated equity, land holdings, and total sales volume of his company, Shoma Group. The true measure of Shojaee’s wealth lies in the sheer scale of the projects he has spearheaded. Over three decades, Shoma Group has developed over 15,000 homes and condominiums, along with millions of square feet of commercial space. The following key projects and financial milestones provide the necessary context to justify the nine-figure valuation:

Project Valuation: The $650 Million Shoma Bay Anchor

One of the most significant recent projects is Shoma Bay, a 333-unit luxury condominium development in North Bay Village. The financial projections for this single project alone offer a clear view of the capital Shojaee commands. The total projected sales value of Shoma Bay is estimated to be a staggering US$650 million. Furthermore, the project's financial structure reflects a potential profit of approximately $425 million over its development costs, demonstrating the massive capital gains that fuel the Shojaee empire.

The Mixed-Use Portfolio and Topical Authority

Beyond Shoma Bay, the company’s portfolio is diversified across lucrative mixed-use and multifamily properties, creating a continuous stream of revenue and asset appreciation. These projects solidify Shoma Group’s topical authority in the South Florida market:
  • CityPlace Doral: A landmark, multi-million dollar mixed-use development that is a cornerstone of the Shoma portfolio.
  • ShomaBazaar: A key retail and culinary concept that diversifies the company’s holdings beyond residential units.
  • Shoma One: A large-scale multifamily project in Doral, which recently secured an $84 million floating-rate loan, indicating massive institutional confidence in the company’s assets.
  • Ponce 8: A new, high-profile project in Coral Gables, being developed under Florida’s new Live Local Act, showcasing Masoud Shojaee’s strategic ability to navigate and leverage new state legislation.

The Financial Tightrope: Recent Foreclosure and Liquidity Challenges

While Masoud Shojaee’s net worth is measured by the vast value of Shoma Group's assets, the distinction between *net worth* (assets minus liabilities) and *cash liquidity* is critical, especially given recent headlines. In a surprising and high-profile development in late 2024, Shojaee and his wife, Stephanie Shojaee, faced an $8 million foreclosure lawsuit.

The $8 Million Foreclosure Lawsuit

City National Bank of Florida filed a lawsuit against the couple, alleging a default on an $8 million mortgage. This legal action was significant because the loan default reportedly triggered defaults on two additional loans tied to other Shoma properties. Such events, common even among high-net-worth individuals in the volatile real estate market, demonstrate the financial tightrope walked by major developers who often leverage massive amounts of debt to finance their projects. The controversy highlights a crucial aspect of real estate wealth: a high net worth, tied up in illiquid assets like land and development projects, does not always translate to readily available cash. Although the issue was reportedly resolved quickly, the incident provided a rare, public glimpse into the financial pressures and leveraging strategies of the Shoma Group CEO.

Global Expansion and Future Valuation

Despite the domestic financial skirmishes, Masoud Shojaee’s strategic vision remains focused on exponential growth. Shoma Group recently announced a significant global expansion, partnering to develop projects in Dubai. This move to an international market is a powerful indicator of the company’s long-term financial health and ambition. Should these international ventures prove successful, future valuations of Masoud Shojaee’s net worth could see a substantial increase, pushing the figure well beyond the current $300 million estimate.

Conclusion: The Dynamic Net Worth of a Real Estate Mogul

Masoud Shojaee’s net worth in 2024 remains a subject of informed estimation rather than official decree, but all signs point to a figure comfortably above $300 million. This wealth is a direct result of the Shoma Group's successful development of multi-billion dollar real estate assets across South Florida, including the highly profitable $650 million Shoma Bay project. While the recent $8 million foreclosure lawsuit serves as a stark reminder of the risks inherent in highly leveraged real estate development, it does not fundamentally diminish the long-term value of his empire. Shojaee’s continued investment in massive new projects, coupled with a strategic expansion into the lucrative Dubai market, suggests his wealth trajectory is still pointing sharply upward, cementing his legacy as one of Miami’s most resilient and powerful real estate kings.
masoud shojaee net worth forbes
masoud shojaee net worth forbes

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