An entity linked to the hedge fund Alden Global Capital sold a waterfront spec house on Miami Beach’s North Bay Road for $29.5 million.
4774 North Bay LLC, a Florida entity managed by Thomas Del Bosco, sold the house at 4774 North Bay Road after just five months on the market. The deed has yet to be recorded, and the buyer is unknown.
Nelson Gonzalez with Berkshire Hathaway HomeServices EWM Realty represented both the buyer and the seller. Gonzalez declined to name the buyer, but said they are local.
Records link the selling entity to Alden Global Capital. Del Bosco is a longtime executive with Alden Global, the West Palm Beach-based hedge fund founded by Randall Smith and Heath Freeman and famous for its acquisition of local newspapers around the country.
Alden’s portfolio includes the Denver Post, Chicago Tribune and Mercury News, although more recently the firm has pivoted its focus to mobile home parks, according to NPR.
Smith has long ties to South Florida. In 2021, he bought a Palm Beach house for $7.9 million, and sold it the following year for $23 million.
The Alden affiliate bought the 0.3-acre North Bay Road property for $12.3 million in 2021, according to property records. It tapped spec developer Todd Glaser as the owner’s representative for the project, and AI2 Design as the architect. They completed the 6,800-square-foot house with seven bedrooms, nine bathrooms and one half-bathroom this year, according to the listing.
It hit the market for $34.5 million in December, Zillow shows.
North Bay Road has emerged as the epicenter of Miami Beach’s ultra-luxury market in recent years. In October, David and Victoria Beckham bought a waterfront spec mansion for a record $72.3 million, five doors down on the same block as the spec home that just sold. More recently, a waterfront lot sold for $22.9 million in April.
