The Real Deal Miami

Hedge fund manager asks $20M for waterfront Bal Harbour estate

Listing price breaks down to $3,400 psf for home and $440 psf for the land

May 16, 2016 03:15PM
By Katherine Kallergis

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44 Bal Bay Drive in Bal Harbour

44 Bal Bay Drive in Bal Harbour

A waterfront estate on Bal Harbour’s Bal Bay Drive has hit the market for $19.9 million.

Richard B. Alman, principal at the hedge fund manager Alternative Capital Enterprises, and his wife Robin Zelcer Alman, an executive at the clothing designer and distributor Isaco International Corporation, own the 1-acre property at 44 Bal Bay Drive. 

Allan Kleer and Fabian Garcia Diaz

Allan Kleer and Fabian Garcia-Diaz

The two-story home, built in 1988, has five bedrooms and six bathrooms. Its asking price breaks down to $440 per square foot for the land and $3,376 per square foot for the home.

The double-lot includes a tennis court, restored swimming pool and about 200 feet of water frontage, according to Redfin. Allan Kleer and Fabian Garcia-Diaz of Fortune International Realty are the listing agents.

“Despite the current slowdown of real estate, some enclaves of ultra luxury maintain their values and stability,” Garcia-Diaz told The Real Deal.

Kleer and Garcia-Diaz said they are marketing the property through their networks in New York and London. Fortune has partnerships with Town Residential and Savills. Bal Harbour has little supply and high demand, they said, citing only two waterfront homes on the market, including the spec home at 252 Bal Bay Drive that’s asking $35 million.

Property records show the Almans paid $5.57 million for the 5,890-square-foot home in 2005. Richard Alman is also a principal at Recruiter Media Corporation, according to his Facebook profile.

In March, Alan and Diane Lieberman sold their ultra-modern Bal Harbour home at 56 Bal Bay Drive for $8.5 million. The Liebermans, who own the South Beach Hotels Group, sold their nine-bedroom mansion on a lot about half the size of 44 Bal Bay Drive.