As reported in The Real Deal.

Spec home developer Peter Fine sold a Miami Beach mansion to billionaire hedge fund manager Dan Loeb for $20 million, The Real Deal has learned.

Fine’s 6440 NBR LLC sold the six-bedroom, 13,386-square-foot home at 6440 North Bay Road to a Delaware entity named after the address. Sources confirmed the buyer is Loeb, founder and CEO of Third Point, a New York-based hedge fund.

Loeb is worth about $3 billion, according to Forbes. He founded Third Point LLC, a New York-based activist hedge fund in 1995, and is CEO of the company. Loeb is also developer Shahab Karmely’s silent backer, TRD reported in 2017.

Fine launched his spec home development firm, To Better Days Development, in 2015, with plans to build ultra-luxury spec mansions in Miami Beach.

Property records show Fine’s company paid $6.6 million for the 0.6-acre lot in 2013. The house hit the market in 2015, before it was completed, for $29 million.

The mansion features a gym, wine cellar, home theater, elevator, rooftop deck, separate entrance for the guest quarters, and a pool and dock, according to the listing. It had been on and off the market since 2015, most recently asking $23.5 million in September. The property has 100 feet of water frontage.

Fine, a New York and Miami developer, sold 4420 North Bay Road in August for $10.8 million. He also sold the spec mansion at 6010 North Bay Road to Yext founder and CEO Howard Lerman for $17 million in February 2019.

Fine and Loeb did not immediately respond to requests for comment.

Sales have surged in waterfront neighborhoods in Miami Beach, including North Bay Road, the Venetian Islands and the Sunset Islands.

Nearby at 5800 North Bay Road, Phil Collins has his waterfront mansion under contract. It’s on the market for $40 million.

Earlier this year, Venezuelan oil tycoon Gerardo Pantin Shortt sold his waterfront Sunset Islands mansion for $17.4 million.