Hedge Funder Wayne Holman Buys Star Island Property for $28M

, Daily Business Review

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A New York hedge funder embroiled in the decade's most significant insider trading scandal has bought a house in a Miami Beach neighborhood that doesn't shy away from controversy.

Wayne Holman, a New York investor specializing in health-care companies, plunked down $28.1 million for the 16,438-square-foot modernist mansion at 30 Star Island Drive. The sale was at a steep discount from the $35 million asking price on the 11-bedroom, 12-bathroom home, which boasts an 1,800-square-foot guesthouse and several pools, including one on the second floor off the master suite.

The property also contains a theater, gym, rooftop deck, library bar, five-car garage and private dock. Boxy and heavy on minimalist features—large white spaces, floor-to-ceiling glass panes, tropical wood flooring—the house was built in 2013 on a 40,000-square-foot lot.

That plot traded hands in 2012 when Miami real estate executive Sean Posner and his brother, Jarrett, a New York hedge fund manager, paid City National Bank $9 million for the property. Cuban-American entrepreneur Alex Meruelo and his family surrendered the land to the bank in 2004.

The current transaction was arranged by high-end property broker Jill Eber of Coldwell Banker, according to the Miami Herald, which first reported the sale.

Holman and his wife, Wendy, already own several units at South Beach's Continuum condo tower. His name was floated in the press last year during coverage of the SAC Capital Advisors LP insider trading probe. Holman worked at SAC before striking out in 2006 to start his own firm, Ridgeback Capital.

SAC head Steve Cohen, whom the Securities and Exchange Commission is suing for failing to prevent insider trading, brought Holman into the public eye last year, noting during a deposition that a hot tip to sell stock of pharmaceutical company Wyeth came from Holman. Neither Holman nor his firm have been accused of any wrongdoing. The SEC has yet to conclude its case against Cohen.

Holman, who is a medical doctor by training, is moving in a few houses away from another headline-grabbing physician, plastic surgeon Leonard Hochstein. He and his reality TV show celebrity wife Lisa demolished their historic home at 42 Star Island Drive. Entertainers Emilio and Gloria Estefan and pharmaceutical billionaire-philanthropists Phillip and Patricia Frost also live on Star Island.

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