Billionaire hedge fund manager Cliff Asness sold a spacious Miami Beach penthouse for $22 million — a 15 percent drop from what he paid for it.

Billionaire hedge fund manager Cliff Asness sold a spacious Miami Beach penthouse for $22 million — a 15 percent drop from what he paid for it in 2018.

As first reported by the Wall Street Journal, Asness sold the Miami Beach penthouse two years after buying it for $26 million. The unit is a 6,800-square-foot penthouse in the waterfront luxury condo building at 321 Ocean Drive. It boasts floor-length glass windows and panoramic views of both the ocean and the city.

Asness, who founded investment company AQR Capital in 1998, is worth an estimated $2.6 billion. He reportedly purchased the property from Boris Jordan, who founded Russian investment company Sputnik Group and was once chief executive of the country’s state media company Gazprom-Media.

Eloy Carmenate and Mick Duchon of Douglas Elliman represented Asness in the sale. The buyer remained anonymous and was represented by Seth Feuer of Compass. According to the Journal, he is a private equity executive who is planning to move to Miami from the Northeast.

Miami Beach, known for having some of the most expensive real estate in the country, has seen a drop in closed luxury condo sales by more than 50 percent over the past year. As a Douglas Elliman report points out, this is caused partially by the coronavirus outbreak and partially by the general oversaturation of the Miami luxury real estate market.

Email Veronika Bondarenko

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×