It looks like billionaire hedge fund manager Dan Loeb’s bet on North Bay Road is paying off.
Loeb, founder and CEO of New York-based hedge fund Third Point, is in contract to sell a waterfront teardown on the ritzy Miami Beach street for more than double the price he paid in late 2020, sources told The Real Deal.
Loeb paid $12 million for the property at 2220 North Bay Road in December 2020 and listed it for sale asking $25 million in March of this year. The sale was pending as of late March, but that deal apparently fell through. Now it’s pending again, with a backup offer as of mid-April, according to the MLS.
Waterfront properties are still in high demand, with a number of recent flips occurring on North Bay Road and the Sunset Islands in Miami Beach.
Danny Hertzberg of The Jills Zeder Group at Coldwell Banker is Loeb’s listing agent. Hertzberg declined to comment.
The 0.6-acre property includes a five-bedroom, six-bathroom home spanning 4,910 square feet that was built in 1937. It was marketed as a teardown, with 123 feet of water frontage.
Loeb purchased the property through the Delaware entity Bindery Holdings, which sources last year linked to Loeb.
Loeb is worth about $4.2 billion, according to Forbes. Like a number of other billionaires, he also became wealthier during the pandemic. At the time TRD reported his purchase in early 2021, his net worth was about $3 billion.
About the same time he acquired 2220 North Bay Road, Loeb paid $20 million for the Peter Fine-developed spec home farther up the street, at 6440 North Bay Road.
The New York hedge fund manager is developer Shahab Karmely’s silent backer, TRD reported in 2017.
Noteworthy buyers who have purchased waterfront properties on North Bay Road during the pandemic include Gabe Plotkin, the founder of investment management firm Melvin Capital Management; private equity billionaire Orlando Bravo and his wife Katy; MoonPay CEO Ivan Soto-Wright; Apollo Global Management co-founder Josh Harris; former Softbank Group International CEO Marcelo Claure; and supermodel Cindy Crawford and her husband Rande Gerber.