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%

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.

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