MortgageReal Estate

loanDepot’s CEO picks up pricey real estate in Florida

Anthony Hsieh dropped approximately $50 million dollars on two properties located in Miami this year

Anthony Hsieh, the CEO of loanDepot, has been buying some pricey real estate in Florida, pushing his portfolio of properties to over $150 million.

As was first reported by the The Real Deal, Hsieh has dropped approximately $50 million dollars on two properties located 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, infamous for attracting rich and famous homebuyers — and $19.5 million for a condo in Miami.

In December 2021, a home on Star Island sold for $75 million, setting a record for the priciest real estate ever sold in Miami.

Throughout much of last year, Miami ranked as the top migration destination for homebuyers, a Redfin report published in December 2021 said, noting that the net inflow into Miami has nearly tripled year over year.

“More than half of my active clients are either investors or people who are relocating, coming from places like California, Oregon, New York and New Jersey,” said Christina Llanos, a Miami Redfin agent.

Hsieh’s fortune is estimated to be in the $2 billion range, according to the Bloomberg Billionaires Index, and a good chunk of it is invested in residential real estate.

In June 2021, Hsieh paid $25 million for a mansion in Henderson, Nevada, the most expensive home purchase to ever be recorded in Southern Nevada.

In 2020, Hsieh dropped $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 nonbank retail mortgage lender, went public last February, selling 3.85 million shares at $14 and raising $54 million. The company filed reports that showed its revenue grew from $1.3 billion in 2019 to $4.3 billion in 2020, according to Securities and Exchange Commission filings. The company originated about $100.7 billion in loans in 2020.

Hsieh has been the biggest beneficiary of the IPO: as the largest shareholder, in 2020, he took advantage of a one-time discretionary performance bonus of $42.5 million.

The California-based lender is expected to report its fourth-quarter earnings on Feb. 1.

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