Usually when a billion dollar company declares bankruptcy it is a sad time for the founders of that company who put countless hours of blood, sweat and tears into building that dream.
But WeWork WE isn't like most companies, and neither is former CEO and cofounder Adam Neumann, who seems to be living his best life in one of the world's most exclusive zip codes.
The remote office rental company filed for Chapter 11 bankruptcy protection last week, listing assets of $15.06 billion and liabilities of $18.66 billion. It's been a steep fall for the company, which just a few years ago was the country's most-valuable startup with valuations above $47 billion.
But unwinding such a large company isn't the problem of Neumann, who was ousted from his own company in 2019 after a disastrous attempted IPO amid intense scrutiny of his managerial style and penchant for expensive tastes.
So naturally, he is living his best life in one of the most exclusive neighborhoods in the world: Miami Beach.
In 2021, Neumann used some of his estimated $1.7 billion fortune and purchased two plots of land in the area for $44 million in an "off-market deal" the New York Post reported.
The two parcels of land span 50,000 square feet, where Neumann is building a 14,500 sq ft. mansion for his wife and their six children, as well as 360 feet of Miami waterfront that feature multiple slips in a marina.
With his fortune and the buzz from his latest startup venture, Flow — a residential real estate company that last year got a $350 million investment from Andreessen Horowitz that values the company at $1 billion — Neumann has more than enough cash to purchase prime property wherever he likes.
It's not a bad landing spot Neumann, who became fodder for conversations about executive excess — there are reports of three-story high waterslides, private-jet parties featuring drugs and drug trafficking, and dreams of achieving immortality — and even an Apple TV+ series called WeCrashed in the immediate aftermath of his ouster.
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