Billionaire hedge funder sells South Beach PH at a loss

He sold it for $22M, after buying it for $26M in 2018

Miami /
Jul.July 31, 2020 04:30 PM
Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Billionaire hedge fund manager Clifford Asness sold his South Beach penthouse for $22 million, 15 percent less than he paid for it two years ago.

Asness, co-founder of AQR Capital Management, sold the 6,800-square-foot unit at 321 Ocean to a private equity executive from the Northeast, according to the Wall Street Journal.

It traded for $3,235 per square foot.

Though the luxury single-family home market in Miami Beach has seen a number of high-priced deals, the condo market is not performing as well, especially during the pandemic.

In 2018, Asness paid $26 million for the five-bedroom unit, which includes a private rooftop deck, a fire pit and pool. He listed the penthouse at 321 Ocean Drive for sale last year for $29.5 million, and sold it for a 25 percent discount off the asking price.

The AQR Capital executive is worth about $1.7 billion, according to Forbes.

Asness had purchased the Miami Beach condo from Russian venture capitalist Boris Johnson, who once had the unit listed for $53 million.

Eloy Carmenate and Mick Duchon of Douglas Elliman represented Asness in the most recent sale. Seth Feuer of Compass brought the buyer. [WSJ] – Katherine Kallergis


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