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Boich hasn’t decided whether to keep or sell the house he plans to build on the property
Developer Wayne Boich, who made his fortune in the coal mining industry, paid $11.6 million for a cliff next to his Miami Beach estate, according to The Real Deal.
Boich, CEO of Boich Investment G
roup, acquired the 4,485-square-foot home at 4646 North Bay Road on Thursday, a source familiar with the deal told TRD. Property records show Tamara Nixon sold the home.
The home, built in 1942, sits on an 11,000-square-foot lot. Boich, who acquired the property through his 4646 North Bay Road LLC, plans to demolish the house and build a single-family home, the source said. Boich hasn’t decided whether to keep the planned home or sell it.
Newer or renovated homes on North Bay Road continue to trade for high prices, although some sellers are pushing the boundaries of the market with high listings.
In November, hedge funder Michael Murr and his wife, Eva, sold their beachfront mansion at 5760 North Bay Road for $36 million in an off-market deal. Among recent listings, the under-construction spec mansion at 4736 North Bay Road has hit the market for $80 million, and Marcelo Claure is looking to sell his waterfront lot at 5212 North Bay Road for nearly $40 million.
Boich owns the 15,000-square-foot mansion at 4700 North Bay Road, which includes a pool, dock and tennis court. Todd Michael Glazer completed the estate in 2014. By acquiring the house next door, he now controls 1.5 contiguous waterfront acres on North Bay Road.
Also in Miami Beach, Boich is leading the development of a five-story office and restaurant project at Sunset Harbor. His investors in the 1920 Alton Road location include SL Green’s Andrew Mathias and Bruce Beal Jr. of the Affiliated Companies, who own equal shares of the project.
Boich Investment Group invests in apartment buildings, hotels and other commercial properties in the U.S., according to its website. It also has stakes in emergency, finance, telecommunications and technology companies. Since joining the family company in the late 1990s, Boich has expanded the company’s coal mining operations and grown Signal Peak Energy, a coal mine in Montana, into one of the largest U.S. thermal coal exporters in Asia, according to Boich Investment Group website.
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