Tory Burch co-founder asking $49M for bayfront Miami Beach mansion. Take a look
After buying it three years ago for $14.2 million, J. Christopher Burch, co-founder of fashion brand and retailer Tory Burch, has put his waterfront Miami Beach mansion on the market seeking $49 million.
Burch, the ex-husband of Tory Burch and founder and CEO of Burch Creative Capital, did extensive renovations giving the 1930s two-story, 10,389-square-foot house at 5050 North Bay Road a postmodern feel.
The home in the La Gorce subdivision has eight bedrooms and eight bathrooms, a rooftop lounge and pool. There’s also a guest house and dock on the property, which has 139 feet of frontage on Biscayne Bay overlooking downtown Miami skyline.
Burch has listed the property through ONE Sotheby’s International Realty real estate agents Albert Justo and Mirce Curkoski.
Burch thought it’s the right time to sell and downsize, Justo said, since there are many deep-pocketed prospective buyers from across the country that have relocated to South Florida during the pandemic. Burch declined an interview request from the Miami Herald.
He’s single and told the Wall Street Journal he realized the home was too big for one person.
Given Miami’s allure to the rich, Burch and Justo are confident a buyer will pay the list price, although it’s a 245% increase from what the entrepreneur paid for the property in February 2020.
“He fell in love with the house. At that time he took a risk. Then we went through this surge in prices,” Justo said. “Property values doubled.”
Already, a handful of prospects have toured the house, primarily out-of-towners from New York City, Boston, and Chicago. A few more of them plan to fly in from the Northeast and California to see the property.
Architect Russell Pancoast designed the main house and built it in 1936. It doesn’t have a historic preservation designation, but Justo said the home was among the earliest built in the area. It’s only two doors from where Carl Fisher, the late business tycoon, Miami Beach founder and Fisher Island owner once lived.
The number of luxury home sales in Miami Beach has dwindled compared to the past two years, Justo said, but there’s still considerable demand. International real estate consulting firm Knight Frank ranked Miami among the most sought-after luxury residential real estate markets in the world in its second-quarter global cities index.
“We’re experiencing a more normal market. If you compare it to how hot it was last year, obviously there’s going to be a slowdown,” Justo said of the Miami area. “We’re still a strong market. We still have a shortage of supply.”
