J. Crew’s Mickey Drexler makes pricey land purchase next to Miami Beach home

It first hit the market in 2015 for $25M, marking a difference of about 45%

Miami /
Jan.January 04, 2018 09:45 AM

Mickey Drexler, Bill Roedy and 4462 North Bay Road (Credit: Getty Images)

Could Mickey Drexler be gearing up to build a megamansion in Miami Beach?

The J. Crew chairman and former CEO just made a pricey deal for a plot of land next to his Miami Beach mansion, paying $13.7 million for a waterfront property at 4462 North Bay Road. The site first hit the market in 2015 for $25 million, marking a difference of about 45 percent off the original ask.

Bay Road 4462 LLC, controlled by the Drexler Family Revocable Trust, purchased the 22,719-square-foot lot, sources told The Real Deal.

Bill Roedy, former chairman and CEO of MTV International, is the seller. He relisted the property last year for $15.9 million. Despite the price reductions, Roedy still made more than $9 million on the land – records show he paid $4.42 million for the property in 2010.

Ralph Arias of One Sotheby’s International Realty represented the seller.

Drexler, who previously held senior roles at Gap and Apple, paid less for his adjacent home in February of last year. He and his wife Peggy spent $12.85 million on Calvin Klein’s former house at 4452 North Bay Road.

At one point, Roedy’s former lot was home to the North Bay Road Castle. Captain Michael Burke, the founder of Windjammer Barefoot Cruises, built the home with moats, sharks and other castle features, but it eventually burned down years after it had been abandoned.


Related Articles

arrow_forward_ios
Ilya Karpov with 3026 North Bay Road
Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Dan Loeb with 2220 North Bay Road (Zillow, iStock)
Billionaire Dan Loeb in contract to flip waterfront Miami Beach lot for double his purchase price: sources
Billionaire Dan Loeb in contract to flip waterfront Miami Beach lot for double his purchase price: sources
Ilya Karpov and 2740 North Bay Road in Miami Beach (Pacheco Martinez & Associates)
Russian mogul Ilya Karpov buys waterfront North Bay Road lot in Miami Beach for $21M
Russian mogul Ilya Karpov buys waterfront North Bay Road lot in Miami Beach for $21M
Myles Shear and 3300 Chase Avenue in Miami Beach (Redfin, Getty)
Music meets reality TV: Myles Shear flips waterfront Miami Beach home to Sam Logan
Music meets reality TV: Myles Shear flips waterfront Miami Beach home to Sam Logan
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...