The buying frenzy continues on Miami Beach’s North Bay Road, with billionaire hedge fund manager Dan Loeb closing on a waterfront teardown for $12 million, The Real Deal has learned.
Loeb, founder and CEO of Third Point, a New York-based hedge fund, also recently paid $20 million for a waterfront spec mansion farther north on the high-end street.
Sources told TRD that Loeb is behind the Delaware entity that closed on 2220 North Bay Road for $12 million. Property records show Sharon Pizzorni sold the five-bedroom, six-bathroom home to Bindery Holdings LLC. It was built in 1937 and includes a pool.
The 4,910-square-foot house, which sits on a nearly 25,000-square-foot lot, last sold in 1999 for $1.6 million, records show.
Dina Goldentayer and Cyril Matz of Douglas Elliman brokered the deal. The sale closed in mid-December, days after Loeb closed on the Peter Fine-developed spec home at 6440 North Bay Road.
Loeb is worth about $3 billion, according to Forbes. He founded Third Point LLC, a New York-based activist hedge fund in 1995, and is CEO of the company. Loeb is also developer Shahab Karmely’s silent backer, TRD reported in 2017.
Goldentayer, who declined to comment on the identity of the buyer, said North Bay Road is “the most in demand waterfront community in Miami Beach right now.” A number of high-priced sales have closed in recent months, setting new records for the neighborhood.
In November, Gabe Plotkin, the founder of investment management firm Melvin Capital Management and a major short-seller of GameStop paid $44 million for the waterfront homes at 6360 and 6342 North Bay Road, where he’s planning an expansion with a tennis court.
This week, Phil Collins sold his estate at 5800 North Bay Road for more than $39 million to private equity billionaire Orlando Bravo and his wife Katy.