Anthony Hsieh, CEO of loanDepositpurchased expensive real estate in Florida, growing his portfolio of properties to over $150 million.
As first reported by the The real dealHsieh has lost around $50 million on two properties in Miami since the start of this year.
He paid $30 million for a waterfront mansion on Star Island — a man-made island in Biscayne Bay notorious for attracting buyers of the rich and famous — and $19.5 million for a condo at Miami.
In December 2021, a home on Star Island sold for $75 million, setting a record for the most expensive real estate ever sold in Miami.
For much of the past year, Miami ranked as the top migration destination for homebuyers, a red fin report released in December 2021, noting that net influx to Miami nearly tripled year-over-year.
“More than half of my active clients are either investors or movers from places like California, Oregon, New York and New Jersey,” said Miami Redfin agent Christina Llanos.
Hsieh’s fortune is estimated at around $2 billion, according to the Bloomberg Billionaires Indexand a good portion is invested in residential real estate.
In June 2021, Hsieh paid $25 million for a mansion in Henderson, Nevada, the most expensive home purchase on record in Southern Nevada.
In 2020, Hsieh lost $61 million for a mansion in Orange County, and in 2014 he paid $16 million for an 8,000 square foot mansion on Linda Isle.
LoanDepot, the nation’s second-largest non-bank retail mortgage lender, went public last February, selling 3.85 million shares at $14 and raising $54 million. The company filed reports showing its revenue grew from $1.3 billion in 2019 to $4.3 billion in 2020, according to Security and Exchange Commission deposits. The company issued approximately $100.7 billion in loans in 2020.
Hsieh was the biggest beneficiary of the IPO: As the largest shareholder, in 2020 he enjoyed a one-time discretionary performance bonus of $42.5 million.
The California-based lender is expected to release its fourth quarter results on February 1.