A billionaire New York hedge-fund CEO just dropped $20 million on a Miami Beach mansion as Wall Street firms plan moves to Florida

  • New York hedge-fund CEO Daniel Loeb just spent $20 million on a seven-bedroom waterfront home in Miami Beach, per The Real Deal.
  • Loeb is the billionaire founder and CEO of New York-based hedge fund Third Point, which manages $15 billion in assets.
  • South Florida has seen an influx of celebrities, executives, and financial firms like Elliott Management moving there during the pandemic.
  • Visit Business Insider's homepage for more stories.

New York hedge-fund executive Dan Loeb has picked up a Miami Beach mansion for $20 million, Katherine Kallergis reported for The Real Deal. 

Loeb, the founder and CEO of New York-based hedge fund Third Point, is worth about $3 billion, according to Forbes.

His new waterfront home has seven bedrooms and nearly 14,000 square feet of living space, according to the listing. It features a home theater, a rooftop deck, a private boat dock, and separate guest quarters. Loeb bought the house from developer Peter Fine, per the Real Deal.

The waterfront home sits on North Bay Road, a coveted residential area that millionaires and celebrities. Luxury real-estate agent Nelson Gonzalez, who calls it "the Park Avenue of Miami Beach," told Insider in 2019 that he's sold homes on the road to the likes of Cher and Billy Joel. Last summer, Karlie Kloss and Joshua Kushner paid $23.5 million for a home on North Bay Road. At the end of December, supermodel Cindy Crawford and husband Rande Gerber paid $10 million for a teardown.

Jills Zeder Group, who brokered the deal, declined to comment or share any photos of the property.

A spokesperson for Loeb's company, Third Point, also declined to comment.

Everyone is moving to Florida

South Florida has seen a flurry of real-estate activity during the pandemic, as politicians, celebrities, executives, and financial firms move to the Sunshine State.

Former President Trump and his wife Melania are reportedly moving to his Mar-a-Lago Club now that his term has ended. In December, Ivanka Trump and Jared Kushner bought a $32 million lot on Indian Creek, the private island known as Miami's "Billionaire Bunker." That same week, it was reported that Kushner's brother, Joshua Kushner, had bought a home in Miami Beach with wife Karlie Kloss earlier in the year. In January, Tom Brady and Gisele Bündchen joined Trump and Kushner as homeowners on Indian Creek, paying $17 million for a home they plan on demolishing.

Loeb's reported purchase, which is about a 15-minute drive from Indian Creek, is the latest sign of an apparent finance migration from New York to Florida. 

As Insider recently reported, recent moves by finance industry giants indicate that a big chunk of Wall Street could be moving to Florida.

Manhattan-based hedge fund Elliott Management plans to move its headquarters from Manhattan to West Palm Beach, Bloomberg and the Financial Times reported in October. And last month it was reported that Goldman Sachs was considering shifting its asset management operations to Florida. Blackstone, the world's largest private equity firm, also plans to open an office near Miami. 

In December, an unnamed private equity executive from New York dropped $33 million on a Miami Beach penthouse, and a former Goldman Sachs executive paid $11 million for a Miami Beach home.

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