What does $20 million buy on ritzy North Bay Road in Miami Beach? Less than an acre of vacant land, judging by the $19.95 million price tag on the latest parcel to hit the market.

For deep-pocketed buyers looking to snag a home site in the tony neighborhood, the 37,895-square-foot waterfront lot at 5840 N. Bay Road has an asking price of $546 per square foot.