Barry Diller breaks Miami Beach record with $45 million land purchase

Real estate

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By Mary K. Jacob

Media mogul Barry Diller has officially completed the purchase of a prime waterfront property on North Bay Road in Miami Beach for a whopping $45 million, sources close to the media say. agreement to the Post, marking a historic price for this exclusive venue.

He signed a contract for the land in February, The real deal reported.

Diller, 82, billionaire chairman of IAC and Expedia Group — as well as the visionary behind Fox Broadcasting Company and USA Broadcasting — acquired the sprawling 1.5-acre estate at 5930 North Bay Road from Bay Road Property LLC of Bruce Beal Jr.

Beal, who serves as president and partner at New York-based Related Companies, acquired the property for $18.5 million in 2018 from tax evaders Mauricio Cohen Assor and his son Leon Cohen-Levy, owners of the Flatotel chain.

The acquisition not only sets a new benchmark for real estate in North Bay Road, but also marks a significant milestone in South Florida’s booming real estate market.

Since Beal’s purchase in 2018, property values ​​in the area have surged, fueled by an influx of wealthy buyers seeking luxury waterfront residences.

The North Bay Road property, former site of the Whitehall Mansion, carries a storied past, rumored to have been frequented by icons like John F. Kennedy and Marilyn Monroe.

The mansion – spanning 13,600 square feet with nine bedrooms, a swimming pool and even a helipad – was razed by Beal after his acquisition.

Representatives for the buyer and seller declined to comment on the details of the transaction or any upcoming plans for the vacant land.

Reid Heidenry and Marko Gojanovic of One Sotheby’s International Realty, along with Brett Harris of Douglas Elliman, facilitated the transaction – while Mick Duchon of Corcoran represented the seller.

The acquisition adds to Diller’s already impressive portfolio, which includes notable projects such as the creation of New York’s famous Little Island Park alongside his wife, longtime fashion designer Diane von Furstenburg.

Recent real estate activity on North Bay Road has been nothing short of sensational, with a jeweler’s waterfront home fetching $22.9 million in June and venture capitalist Chris Burch briefly listing his waterfront mansion for a staggering $49 million in August.