Billionaire hedge-fund manager 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 penthouse spans roughly 6,800 square feet atop the building, according to the listing with Eloy Carmenate and Mick Duchon of Douglas Elliman.

The 5-bedroom unit has a private roof deck with an outdoor kitchen, a fire pit and a 36-foot-long pool overlooking the ocean.

In the second quarter, the number of closed luxury condo sales in Miami Beach dropped more than 50% year over year, according to a report by Douglas Elliman.

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.

Source: WSJ