Barry Diller set a record by purchasing a plot of land in Miami for $45 million.

He signed a contract for the land back in February, The Real Deal reports. Diller, 82, a billionaire and chairman of IAC and Expedia Group, as well as the mastermind behind Fox Broadcasting Company and USA Broadcasting, was able to purchase the huge 1.5-acre estate at 5930 North Bay Road from Bay Road Property LLC's Bruce Beal Jr.

Beal, who serves as president and partner at New York-based Related Companies,boughtplot for $18.5 million in 2018 from convicted tax evaders Maurizio Cohen Assor and his son Leon Cohen-Levy, owners of the Flatotel hotel chain. The acquired site sits on 1.5 acres.

Buying sets a new mark for the marketreal estateon the North Bay and is a significant development in a surging marketplacereal estatesouthFlorida.

Real estateon North Bay, formerly the site of Whitehall Manor, has a rich history, with legends of legendary figures such as John F. Kennedy and Marilyn Monroe having visited there. Following Beal's acquisition of the Cumen site for $22.9 million in June and venture capitalist Chris Burch, who briefly put his waterfront residence up for sale for $49 million in August.