Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties

The coworking co-founder sold his California estate for $22M back in April

Adam Neumann (Getty, Bal Harbour Florida)
Adam Neumann (Getty, Bal Harbour Florida)

So long, Bay Area: Adam Neumann is headed to South Florida.

The WeWork co-founder and ex-CEO inked an off-market deal for two properties on the Bal Harbour Marina, just north of Miami Beach, for $44 million, the Wall Street Journal reported.

The purchase comes roughly two months after Neumann sold his northern California estate for $22.4 million.

Local investor Joseph Imbesi is the seller behind the off-market deal, which includes two parcels spanning 50,000 square feet, 360 feet of waterfront and multiple slips in the marina, Imbesi told the publication.

One of the parcels is a 14,500-square-foot house that is still under construction, the other is an empty lot, the publication reported, adding that the seller gave Neumann a $1 million allowance for the unfinished construction.

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Although Neumann has said he’d like to live forever, he has at least one lifetime’s worth of cash to burn. In May, the former WeWork chief was given $245 million worth of stock as part of a renegotiation of his exit package from the company.

Brett Harris of Douglas Elliman represented the buyer. Imbesi was represented by his son, Douglas Elliman agent Tony Imbesi.

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[WSJ] — Cordilia James