Tory Burch co-founder buys waterfront Miami Beach home for $14.2M
The co-founder of the fashion label Tory Burch will soon call Miami home.
J. Christopher Burch, the co-founder of Tory Burch LLC and the founder and CEO of Burch Creative Capital, bought a single-family residence in Miami Beach for $14.2 million. The 10,389-square-foot, waterfront home at 5050 N. Bay Road has seven bedrooms, 10 bathrooms and one half-bathroom in the main house. The house overlooks Biscayne Bay with a 139-foot water frontage and dock.
Fabio Lopes, a sales associate with the Miami Beach office of Coldwell Banker Realty, represented Burch. Douglas Elliman Senior Director of Luxury Sales in South Florida, Chad Carroll, and Douglas Elliman Realtor Associate Mariana Trentini represented the seller.
“He loved the bones of the house, with its fully enclosed courtyard and bay views,” Lopes said.
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Burch bought the home to use as his primary residence, Lopes said: “Burch is living here now. He bought the house because he hosts plenty of close friends and family.”
The home sold at $1,366 per square foot, more than the most recent comparable sale. The 9,991-square-foot home at 4412 N. Bay Road sold for $13 million, or $1,301 per square foot, in May 2019.
The price per square foot, Carroll said, “shows that the market is strong and that there is demand for luxury real estate in Miami. [And] that there are still buyers who appreciate the classic Art Deco style.”
Still, the home sold for less than what the seller bought it for in 2014. The seller, listed under SPN Florida LLC in property records, bought the home for $17.975 million. They listed the home on the market in 2015 for $33 million with a different broker, Carroll said.
Carroll said the home sold for less than what the seller bought it for because of its age. The home was built in 1936, and, he said, “more people are inclined at this price point to buy a new residence.”