North Bay Road is “the most in demand waterfront community in Miami Beach right now. A number of high-priced sales have closed in recent months, setting new records for the neighborhood. That is probably fueled by the recent interest of millionaires and billionaires from the North and the West in business in Miami.
In November, Gabe Plotkin, the founder of investment management firm Melvin Capital Management and a major short-seller of GameStop (Yes, let’s talk about that!) paid $44 million for the waterfront homes with docks at 6360 and 6342 North Bay Road, where he’s planning an expansion with a tennis court.
Plotkin’s Melvin Capital Management began suffering serious losses this month after being targeted by members of Reddit’s Wall Street Bets community. They managed to drive up Gamestop’s market cap by billions after noticing Melvin’s short position in the company.
It isn’t clear exactly how much Plotkin’s firm lost, but the firm got a $2.75 billion bailout from Citadel and Point72, two other hedge funds.
Phil Collins sells his to Private Equity
This week, Phil Collins sold his estate at 5800 North Bay Road for more than $39 million to private equity billionaire Orlando Bravo and his wife Katy. Orlando Bravo, co-founder and managing partner of the Chicago-headquartered private equity firm Thoma Bravo, and his wife Katy Bravo bought the Miami Beach house.
Collins, the British singer and eight-time Grammy award winner, owned the residence at 5800 North Bay Road for six years. The 2-story bayfront house has six bedrooms, eight bathrooms, one half bathroom, a pool, koi pond and a dock. Built in 1929, the house sits on 1.21 acres and has views of Biscayne Bay and the Downtown Miami skyline.
The buying frenzy on Miami Beach’s North Bay Road continues with billionaire hedge fund manager Dan Loeb closing on a waterfront teardown for $12 million, according to the famous real estate blog, The Real Deal.
Loeb, founder and CEO of Third Point, a New York-based hedge fund, also recently paid $20 million for a waterfront mansion farther north on the high-end street.
Sources told TRD that Loeb is behind the Delaware entity that closed on 2220 North Bay Road for $12 million. Property records show Sharon Pizzorni sold the five-bedroom, six-bathroom home to Bindery Holdings LLC. It was built in 1937 and includes a pool.
MV Group USA announced the listing of this sprawling waterfront estate located at 2700 N. Bay Road that hits the market at $18,500,000 which was Built by MV Group USA. This announcement comes a week after the closing of another bayfront estate built by MV Group which sold for $20,000,000 located at 2204 N. Bay Road – Miami Beach, Florida.