Billionaire Barry Diller Enters Contract to Acquire Bruce Beal’s Waterfront Property on North Bay Road for Record $45 Million
February 23, 2024
Billionaire media mogul Barry Diller is on the verge of making history in Miami Beach. According to sources, he’s contracted to acquire Bruce Beal Jr.’s prized waterfront property on North Bay Road for a record-breaking $45 million.
The transaction involves Diller’s acquisition of the expansive 1.5-acre parcel located at 5930 North Bay Road through an off-market deal with Beal’s Bay Road Property LLC. Beal, a president and partner at New York-based Related Companies, is parting ways with the property, marking a significant milestone as the deal sets a new price record for waterfront properties along North Bay Road.
Representing Diller in this landmark acquisition is Brett Harris of Douglas Elliman, alongside Reid Heidenry and Marko Gojanovic of One Sotheby’s International Realty, while Mick Duchon of Corcoran Group is handling the seller’s side.
Despite the buzz surrounding the deal, Gojanovic and Duchon have chosen to remain tight-lipped regarding the buyer and seller’s identities and any potential plans for the currently vacant lot.
The property’s rich history adds intrigue to the deal, as it was once home to the storied Whitehall Mansion, rumored to have been a rendezvous point for icons like John F. Kennedy and Marilyn Monroe. Beal acquired the mansion in 2018 for $18.5 million from convicted tax evaders Mauricio Cohen Assor and his son Leon Cohen-Levy, who were sentenced to 10 years for financial crimes.
Since Beal’s acquisition in 2018, the demand for waterfront properties on North Bay Road and across South Florida has skyrocketed, driven by an influx of affluent buyers. Joining their ranks now is Diller, the influential chairperson of IAC and Expedia Group, with an estimated net worth of $4.2 billion, according to Forbes. Diller and his wife, renowned designer Diane von Furstenberg, are known for their philanthropic endeavors, including their support for New York City’s Little Island Park.
Recent real estate activity along North Bay Road includes a jeweler’s waterfront sale for $22.9 million in June. In August, venture capitalist Chris Burch also listed his waterfront mansion for $49 million. However, it has since been taken off the market, showcasing the dynamic nature of luxury real estate in the area.
