Hedge funder flips Miami Beach teardown to Tommy Mottola and Thalía
ADW Capital founder sold the non-waterfront house for 33% more than he paid in December
A hedge fund manager’s investment in a La Gorce Island teardown in Miami Beach appears to have paid off.
Adam Wyden, who heads his investment firm ADW Capital, and his wife Allison, sold their home at 31 La Gorce Circle for $5.5 million to music executive Tommy Mottola and his wife, Mexican singer and actress Thalía, The Real Deal has learned. The Wydens bought the house in December for $4.2 million.
Mottola, chairman of Mottola Media Group and former chairman and CEO of Sony Music Entertainment, and Thalía recently flipped their oceanfront condo at the Four Seasons Residences at The Surf Club for $10.4 million, $2.4 million more than their purchase price less than a year ago.
The non-waterfront La Gorce Island house hit the market in February for $5.5 million. Devin Kay of Douglas Elliman represented the seller, and Jeri Jenkins of Coldwell Banker brought the buyer, according to Realtor.com. Kay declined to comment, and Jenkins could not immediately be reached for comment.
The 4,512-square-foot house sits on a half-acre lot and has five bedrooms and five bathrooms. It was built in 1936. The house was marketed as a teardown, with the opportunity for a buyer to develop up to a 10,000-square-foot mansion on the lot.
Wyden said that the pandemic accelerated his family’s plans to relocate to South Florida from New York. He and his wife, who moved to Miami Beach July 1, were going to build a new house on the La Gorce Island property, but the building process was going to take longer than initially planned. He said they’re going to buy another home nearby.
He moved his company from New York, as well, and is in the process of securing permanent office space in Miami, he added.
“I have no plans on going back. I love it here,” Wyden said, joking that “We wanted to get down here before there were no houses left.”
Thalía, known as the “Queen of Latin Pop” and whose real name is Ariadna Thalía Sodi Miranda Mottola, has reportedly sold 25 million records worldwide, while Mottola has worked with artists such as Carly Simon, John Mellencamp, Mariah Carey (his former wife), Celine Dion, Gloria Estefan, Ricky Martin, Shakira, Jennifer Lopez and Marc Anthony.
Earlier this year, longtime TV and film producer Douglas Cramer and his husband Hubert Bush III sold their waterfront La Gorce Island mansion for $23 million, shortly before buying a home in Morningside for more than $8 million.
Cher’s former waterfront house at 64 La Gorce Circle also recently sold for $17 million.