Billionaire hedge funder Dan Loeb buys waterfront Miami Beach estate: sources

Spec home developer Peter Fine built and sold the mansion

Miami /
Jan.January 18, 2021 02:30 PM
Billionaire hedge fund manager Dan Loeb and renderings of 6440 North Bay. (Third Point, To Better Days Development)

Billionaire hedge fund manager Dan Loeb and renderings of 6440 North Bay. (Third Point, To Better Days Development)

 

Spec home developer Peter Fine sold a Miami Beach mansion to billionaire hedge fund manager Dan Loeb for $20 million, The Real Deal has learned.

Fine’s 6440 NBR LLC sold the six-bedroom, 13,386-square-foot home at 6440 North Bay Road to a Delaware entity named after the address. Sources confirmed the buyer is Loeb, founder and CEO of Third Point, a New York-based hedge fund.

Loeb is worth about $3 billion, according to Forbes. He founded Third Point LLC, a New York-based activist hedge fund in 1995, and is CEO of the company. Loeb is also developer Shahab Karmely’s silent backer, TRD reported in 2017.

Coldwell Banker’s The Jills Zeder Group brokered the deal. Jill Hertzberg represented the seller, and Danny Hertzberg, who declined to comment on the sale, represented the buyer.

Fine launched his spec home development firm, To Better Days Development, in 2015, with plans to build ultra-luxury spec mansions in Miami Beach.

Property records show Fine’s company paid $6.6 million for the 0.6-acre lot in 2013. The home hit the market in 2015, before it was completed, for $29 million. Choeff Levy Fischman designed the mansion.

The home features a gym, wine cellar, home theater, elevator, rooftop deck, separate entrance for the guest quarters, and a pool and dock, according to the listing. It had been on and off the market since 2015, most recently asking $23.5 million in September. The property has 100 feet of water frontage.

Fine, a New York and Miami developer, sold 4420 North Bay Road in August for $10.8 million. He also sold the spec mansion at 6010 North Bay Road to Yext founder and CEO Howard Lerman for $17 million in February 2019.

Fine and Loeb did not immediately respond to requests for comment.

Sales have surged in waterfront neighborhoods in Miami Beach, including North Bay Road, the Venetian Islands and the Sunset Islands.

Danny Hertzberg said that the high-end, single-family home market has not shown signs of slowing down. “We’re still going seven days a week,” he said. “It’s extremely busy.”

Nearby at 5800 North Bay Road, Phil Collins has his waterfront mansion under contract. It’s on the market for $40 million with Jill Hertzberg.

Earlier this year, Venezuelan oil tycoon Gerardo Pantin Shortt sold his waterfront Sunset Islands mansion for $17.4 million.






    Related Articles

    arrow_forward_ios
     Zaha Hadid with her former Miami Beach home (Getty, Douglas Elliman)
    Zaha Hadid’s former South Beach condo hits the market for $8M
    Zaha Hadid’s former South Beach condo hits the market for $8M
    Colin Meadows and 451 East Dilido Drive, Miami Beach. (Invesco, Luxe Living Realty)
    Solid return on investment? Invesco managing director sells waterfront Venetian Islands home for $12M
    Solid return on investment? Invesco managing director sells waterfront Venetian Islands home for $12M
    Todd Michael Glaser and Billy Joel with 4640 North Bay Road (Getty, Glaser by Mary Beth Koeth, Todd Michael Glaser)
    Uptown world: Todd Glaser buys Billy Joel’s former Miami Beach home
    Uptown world: Todd Glaser buys Billy Joel’s former Miami Beach home
    Ed & Jackie Rabin and the Apogee Condos. (Getty, Apogee)
    Hyatt Hotels’ former president sells Apogee condo in South Beach for $8M
    Hyatt Hotels’ former president sells Apogee condo in South Beach for $8M
    Ariella Tolkin and Ryan Tolkin with 4380 North Bay Road (Tolkins via Zoom, Salt Conference)
    Finance honchos shell out $14M for waterfront North Bay Road home
    Finance honchos shell out $14M for waterfront North Bay Road home
    Jean-Louis Deniot and his recently sold Miami house. (Getty, Berkshire Hathaway Home Services)
    Jean-Louis Deniot sells waterfront Miami Beach home for $5M
    Jean-Louis Deniot sells waterfront Miami Beach home for $5M
    Miami-Dade condo sales map and Apogee at 800 South Pointe Drive, Miami Beach (Google Maps)
    Miami-Dade condo sales and dollar volume surge at end of February
    Miami-Dade condo sales and dollar volume surge at end of February
    Marc Gardner with his new Miami waterfront house. (Bancard, One Sotheby's)
    Putting it on a credit card? North American Bancard CEO buying Miami Beach mansion for $37M: sources
    Putting it on a credit card? North American Bancard CEO buying Miami Beach mansion for $37M: sources
    arrow_forward_ios

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

    Loading...