J. Crew chairman and former CEO Millard "Mickey" Drexler has just expanded his Miami Beach real estate holdings to include a half-acre, bay front parcel of land.
The executive was behind the purchase of a $13.7 million lot on North Bay Road, sources told Mansion Global, right next door to the mansion he bought from fellow fashion bigwig Calvin Klein in 2017.
Start the new year right—with a superior deal on some stunning South Florida real estate. This expansive estate on Miami's exclusive Star Island once listed for $65 million. Now it will go to the highest bidder at auction, regardless of price https://t.co/cx5hd6Rned pic.twitter.com/kft2nsB0Uo
— Mansion Global (@MansionGlobal) December 29, 2017
The listing, which was most recently asking $14.9 million, sold on Dec. 29 and has yet to hit city records.
The lot has direct views of Downtown Miami and used to be home to a medieval-style castle, according to the listing with broker Ralph Arias of ONE Sotheby’s Realty. As the owner of the two neighboring lots, Mr. Drexler, 73, now has just over 260 feet of water frontage.
The seller is William Roedy, listing records show, the former chairman and CEO of MTV International. Mr. Roedy first listed the empty parcel in 2015 for $25 million, far more than the $4.42 million he parted with to purchase the land in 2010, listing records show.
More:‘Vanilla Shell’ Penthouse in San Francisco Hits Market for $9.95M
Mr. Drexler, who stepped down as chief of J. Crew last year, and his wife, Peggy, bought Mr. Klein’s five-bedroom mansion for $12.85 million in February, property records show.
The pair are also the owners of a townhouse and a condo in Manhattan’s Tribeca neighborhood. Though neither is on the market currently, both have been on and off the market, most recently asking $27.5 million and $19.95 million respectively.
The Real Deal first reported the sale.