Hedge funder sells Indian Creek home for $28M

UPDATED, March 17, 4:18 p.m.: Financier Gary Siegler and his wife, Barbara, sold their Indian Creek Island home for $27.9 million, the full asking price.

Siegler recently purchased a waterfront teardown on North Bay Road in Miami Beach.

The waterfront house at 29 Indian Creek Island Road sits on 1.2 acres of land. The sale price equates to more than $23 million per acre.

Property records show Siegler and his wife sold the four-bedroom, 4,297-square-foot home to Indian Creek Surfside Holdings LLC. The buyer is linked to Fred Ebrahemi, a partner and COO of Clearlake Capital Group, an investment firm based in Santa Monica, California. The LLC financed the purchase with a $19.5 million loan from Citibank.

Dina Goldentayer of Douglas Elliman had the listing. Goldentayer and Adam Modlin of Modlin Group represented the buyer. Neither responded to requests for comment.

The Sieglers purchased the Indian Creek home, built in 1950, in 2005 for $8 million, records show. It has 145 feet of water frontage, according to the listing.

Siegler, a hedge fund manager, worked for Carl Icahn from 1985 to 1990, according to the website of his and his wife’s foundation.

A recently recorded deed shows the couple paid $8.3 million for the house at 5226 North Bay Road, which was marketed as a teardown or renovation project.

Miami Beach, Indian Creek and other high-end towns in South Florida have seen a surge in luxury home sales.

Ivanka Trump and Jared Kushner are planning to move to Indian Creek after renting a luxury condo in nearby Surfside. Last year, Tampa Bay Buccaneers quarterback Tom Brady and supermodel Gisele Bündchen paid $17 million for the lot at 26 Indian Creek Island Road, next to developer Jeffrey Soffer’s house.

Indian Creek, a guarded and gated island north of Miami Beach, is also home to billionaire hedge funder Eddie Lampert, Hotels.com co-founder Bob Diener and billionaire Carl Icahn. The late Don Shula also lived on the island.