A big out-of-town developer is putting his money where his mouth is on his marquee Miami Beach project, scooping up one of the property’s penthouses for himself.

The 68-year-old multibillionaire Richard LeFrak, the third-generation chairman of the New York-based LeFrak Organization, told the Daily Business Review he’s keeping one of the top units at the 1 Hotel and Homes on Collins Avenue in Miami Beach.