Two years ago, Cliff Asness bought himself a little beachside getaway. And we do mean little: Immediately after extensively renovating a place he’d just spent $26 million on, the AQR founder realized that five bedrooms and 13,000 square feet in the sun simply were not enough for an investing superhero. So he put it right back on the market.

Unfortunately for Asness, would-be buyers apparently shared his assessment of the place, and were not interested at the $29.5 million asking price in COVID-infested Miami Beach, nor even at Asness’ own pre-renovation price. Also unfortunately for Asness, things have also taken a decidedly negative turn over at AQR, thanks in part to Florida itself, and with the South Florida real-estate market looking in no more danger of recovery than his hedge fund, he’s decided to take what he can get from a like-minded sort who will also undoubtedly regret the decision immediately.

Cliff Asness, the co-founder of AQR Capital Management, has sold his Miami Beach penthouse for $22 million, a significant loss from the $26 million he paid for it just two years ago…. The buyer, represented by Seth Feuer of Compass, is a private-equity executive from the Northeast who is considering relocating to Miami….

On the bright side, such as it is, it could have been, and probably will soon be, worse.

He bought the unit in 2018 from financier Boris Jordan, the onetime chief executive of the state-controlled Russian media conglomerate Gazprom-Media, The Wall Street Journal reported. Mr. Jordan had listed the unit for as much as $53 million in 2015, at the height of the Miami market…. The Miami market is facing an oversupply of product, climate change fears and cooling demand from foreign buyers, particularly from South America. “Sellers have to slash prices to get deals done,” said Peter Zalewski, a principal with Miami real estate consulting firm Condo Vultures.

Billionaire Hedge Funder Sells Miami Beach Penthouse for $22 Million [WSJ]

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Chuck Schumer's Gonna Have To Do A Lot Better Than Dinner If He Wants A Piece Of Cliff Asness

Earlier today, Politico ran a story titled "Can Chuck Schumer win back Wall St. for Democrats?" Apparently the New York Senator recently "embarked on a fence-mending campaign with senior Wall Street executives, many of whom have grown furious with the Democratic party," in a charm offensive that has included "holding private dinners [including one put on by Pershing Square manager Bill Ackman], organizing high-end fundraisers for Democratic candidates and quietly pressing for super PAC donations." According to Politico, "the outreach appears to be working: Hedge fund and private-equity executives have held six different fundraisers for Democratic challengers and senators at Schumer’s request, sources say." Some financial services employees, however, are not so easy. Take Cliff Asness for example. The AQR manager happened to read the piece and here's what he had to say about it: From: Cliff Asness Sent: Tuesday, June 19, 2012 01:08 PM To: AQR lieutenants, other top hedge fund managers Subject: Can Chuck Schumer win back Wall St. for Democrats? Good title question. Only if Wall Street is so f---ing stupid as to defy credulity, honor, and morality. So, yeah, probably. Best line: “Chuck Schumer is pro-business". Yeah, ones that buy him off in explicit crony-capitalism, but he wants to regulate and tax to death ones that don't. Don Corleone was also pro-business. You guys say this stuff with a straight face huh? C p.s. Sorry about the multiple emails, merging lists (though that is probably not the thing that upsets people) While the above response should come as a shock to exactly no one, we don't think Schumer should give up on Asness so easily. The guy just wants to be wooed. Start with some limited edition action figures, add some $700 bottles of wine, and go from there.  You whip out a Mego Elastic Batman, he's listening. You show up with a a matching Captain America shield tattoo but instead of on your forearm it's on your face? He's nominating you for President. You're welcome.