WeWork cofounder Adam Neumann is reportedly spending $44 million on 2 Miami Beach properties, months after selling his San Francisco ‘Guitar House’ compound

Former WeWork CEO Adam Neumann
Former WeWork CEO Adam Neumann. Michael Kovac/Getty Images for WeWork
  • Adam Neumann is buying two plots of land for $44 million on Miami Beach, the seller told the WSJ.
  • The WeWork cofounder will have 50,000 square feet of land and multiple boat slips, the seller said.
  • Neumann’s purchase comes months after he sold his compound in San Francisco’s Bay Area.
  • See more stories on Insider’s business page.

WeWork cofounder and former CEO Adam Neumann is set to buy two properties for $44 million on Miami Beach’s Bal Harbour marina, the Wall Street Journal first reported on Wednesday.

The adjacent plots of land cover an area of 50,000 square feet, including space on the waterfront, the seller, Joseph Imbesi told the Journal.

“He’s got a clear view of the Bal Harbour yacht basin,” Imbesi said.

One of the plots had a 14,500-square-foot house under construction, Imbesi said. It also has sheltered outdoor space.

Nothing has been built on the other plot, the local investor said. Both of Neumann’s plots, which aren’t currently listed for sale or advertised, have around 109.73m of water frontage, Imbesi told the Journal.

Imbesi has also recently listed a separate two-acre parcel of land in Bal Harbour Yacht Club marina for $65 million, the Journal reported.

Neumann will get numerous boat slips in the marina if he buys the plot, Imbesi said.

Imbesi bought the adjacent plots of land in the late 1990s as part of a larger $19 million purchase of more than 10 acres in the marina, according to the Journal.

Imbesi said he and his son Tony Imbesi, who is developing the site, were giving Neumann a $1 million allowance for unfinished construction.

The Journal reported that Brett Harris of Douglas Elliman, who was representing the buyer, couldn’t immediately be reached for comment.

Neumann in April sold his San Francisco Bay Area home for $22.4 million, despite listing the home for $27.5 million in August. He and his wife Rebekah Neumann have spent more than $80 million on at least five homes, but moved to Israel to escape the media, Insider’s Katie Warren reported in April.

WeWork in February gave Neumann $245 million in stock and $200 million in cash as part of an exit package, two years after he was ousted from the office group when its IPO plans fell to pieces.

His payout was part of a settlement agreement with SoftBank, which saved the company from bankruptcy in 2019.