Media mogul Barry Diller has officially closed on the purchase of a prime waterfront property on North Bay Road in Miami Beach for an eye-watering $45 million, sources close to the deal informed The Post, marking a historic price tag for the exclusive locale.
He entered into contract for the plot of land back in February, The Real Deal reported.
Diller, 82, the billionaire chairperson 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 Bruce Beal Jr.’s Bay Road Property LLC.
Beal, who holds the position of president and partner at New York-based Related Companies, had acquired the property for $18.5 million in 2018 from convicted 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 North Bay Road real estate, but also marks a significant milestone in the skyrocketing property market in South Florida.
Since Beal’s 2018 purchase, property values in the area have surged, fueled by an influx of affluent buyers seeking luxury waterfront residences.
The North Bay Road property, formerly the 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 pool and even a helipad — was razed by Beal after his acquisition.
Representatives for the buyer and seller declined to comment on the specifics of the deal or any forthcoming plans for the vacant lot.
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 ventures such as the creation of New York City’s acclaimed Little Island park alongside his wife, the long-renowned 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.