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
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect is LIVE next week! Join us and thousands of your peers from wherever you are.Register Today×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription