Hedge funder sells waterfront North Bay Road mansion for $36M

A hedge funder and his wife sold their waterfront North Bay Road mansion in Miami Beach for $36 million in an off-market deal.

Michael and Eva Murr sold their home at 5760 North Bay Road to a Delaware LLC named for the address, records show. The true buyer is unknown.

Michael Murr is a finance executive who started his career at Bear Stearns and Progressive Insurance before co-founding the Rye, N.Y.-based hedge fund Daystar in 1995, according to the New York Times.

The Murrs bought the 0.6-acre property for $4.5 million in 2010, according to property records. The couple demolished the existing house and built a nearly 10,200-square-foot mansion with five bedrooms and seven bathrooms. They finished building the house in 2013, records show. The two-story home includes an elevator, a pool, and dock, according to records.

The mansion is next door to the house at 5750 North Bay Road, where the Beatles visited a local Miami Beach family in 1964 and posed for a now-famous shot of the band in the pool, according to Forbes. The house is now owned by Chicken Kitchen founder Christian de Berdouare and his wife, Jennifer Valoppi.

At well over half an acre, the recently sold home sits on an unusually large lot for Miami Beach. Space comes at a premium, especially on North Bay Road, and many wealthy buyers in the market have turned to acquiring their neighbors’ property in pursuit of more room.

An influx of luxury buyers during the pandemic spurred prices to unprecedented highs in the Miami Beach market, for both waterfront and non-waterfront homes. Despite a slowdown in sales, pricing has remained strong.

Award-winning rapper Future bought a waterfront Miami Beach home for $16.3 million this month. In October, an oceanfront home sold for $20.5 million in the Altos Del Mar neighborhood. Also last month, an insurance executive sold his waterfront Normandy Isle home for $15.5 million, a record for the neighborhood.