Rough.
First, co-Waterperson of the Year, owner of professional surfing, Dirk Ziff had to charter an airplane from Los Angeles to Newcastle, Australia filled with the world’s best, or best-adjacent, professional surfers. Then he had to secure a large room block at the local Ibis Budget, to sleep all of them for two weeks, also arranging enough Mrs Macs meat pies from the nearby Metro Petroleum station to feed them during that time.
And all while taking an over $100m bath on a South Florida ultra-luxury property.
It has NOT been a good few months.
The “15-acre ocean-to-lake compound” sold earlier this week for a reported $94m which would be very fine except it was listed 6-years ago for $200m.
According to The Real Deal, “The more than 30-bedroom estate connects via tunnels, including a furnished tunnel underneath South Ocean Boulevard that features a 15-foot-wide gallery. The property has a 12-bedroom main house, two four-bedroom beachside cottages, a seven-bedroom Mango House, a staff house and recreational amenities, including a swimming pool, golf area, tennis court and half-basketball court.”
No Kelly Slater’s Surf Ranch likely depressing the value.
It was owned by Ziff and his brothers Robert and Daniel, who inherited their fortune from their publishing magnate father. Daniel was listed as the manager on the entity that sold the property.
No Kelly Slater likely depressing the value.
Even though the ultra-luxury home market has been strong in South Florida with the arrival of Jared Kushner and his wife Ivanka Trump, the Ziffs could not capitalize.
Much like not being able to host naturally-socially distant surfing competitions in the time of Covid when they would have been the only live sporting events on television.
Rough.