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Billionaire Barry Diller, the chairperson of IAC and Expedia Group, has closed on a waterfront plot on Miami Beach’s North Bay Road for $45 million, setting a new record for the exclusive street, The New York Post reported.
Diller, who also founded Fox Broadcasting Company and USA Broadcasting, entered into contract for the 1.5-acre lot with 200 feet of waterfront at 5930 North Bay Road in February, The Real Deal reported. He purchased the property from Bruce Beal Jr.’s Bay Road Property LLC. Beal is president and partner of Related Companies, a prominent development firm in New York City.
Beal had owned the North Bay Road property since 2018, when he acquired it for $18.5 million from convicted tax evaders and Flatotel chain owners Mauricio Cohen Assor and his son, Leon Cohen-Levy.
Mick Duchon of Corcoran represented the seller in the property’s sale this time around, while Reid Heidenry and Marko Gojanovic of One Sotheby’s International Realty and Brett Harris of Douglas Elliman represented Diller.
The plot of land was previously home to the Whitehall Mansion, an estate rumored to be a secret rendezvous spot for John F. Kennedy and Marilyn Monroe. The storied mansion, which included nine bedrooms, a pool and a helipad, was demolished when Beal acquired the property.
Reps for the buyer and seller have not yet publicly stated future plans for the vacant lot.
Diller is married to fashion designer Diane von Furstenburg, with whom he was a major proponent for creating New York City’s Little Island Park on the Hudson River.
Prices along Miami’s waterfront have climbed significantly in the years following the pandemic. On North Bay Road alone, a waterfront property sold for $22.9 million last June, and multiple other properties on the road have listed in the $40 millions within the last year.
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