LoanDepot CEO’s firm buys Star Island mansion for $30M

LoanDepot CEO’s firm buys Star Island mansion for $30M

A few weeks after purchasing a penthouse in downtown Miami, LoanDepot CEO Anthony Hsieh used another company to buy a mansion on Miami Beach’s famed Star Island for $30 million.

The 5,493-square-foot home at 34 Star Island Drive was sold by 34 Star Island LLC, managed by Thomas Del Bosco in Miami Beach, to Costa Mesa, California-based JLSA Star LLC, which is managed by the JLSSAA Family Trust. Multiple SEC filings signed by Hsieh disclose his ownership stake in Foothill Ranch, California-based LoanDepot (NYSE: LDI) and list JLSSAA Trust as a company under his control.

Judith and Arielle Werner of Bold Miami listed the home for sale. The price equated to $5,461 a square foot.

The home last traded for $21 million in April 2021, so it was flipped for a $9 million gain. The prior deal was also a flip, as its previous sale was for $12 million in July 2020. That means the home gained 150% in value in a year and a half. However, an addition to the home was completed in early 2021 by Todd Miami Glaser of Miami Beach.

Still, the rapid price increase reflects the strong demand for luxury homes in Miami Beach as more wealthy people move to the area.

The home was originally built in 1961. It features nine bedrooms, 9.5 bathrooms, a pool, and a dock.

Hsieh founded LoanDepot in 2010 as a marketplace lender directly to consumers. It has more than 6,000 employees and has funded over $125 billion in loans. He previously founded and before selling those companies. He’s also an avid fisherman.

In March 2021, LoanDepot signed a naming rights deal for the baseball stadium formerly known as Marlins Park.

In early January, another company led by Hsieh paid $19.5 million for a penthouse in One Thousand Museum.

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