A luxurious Miami estate with roots in the legendary Howard Hughes's land holdings has been listed for $55.5 million. The property, built in 2003, is on land once owned by the eccentric billionaire, who amassed a vast real estate portfolio across the

Shares of Howard Hughes Holdings jumped after hedge-fund manager Bill Ackman's firm offered to buy 11.8 million Howard Hughes shares at $85 apiece to own a majority stake in the company. The stock jumped about 9.

Pershing Square Capital Management LP has proposed a deal to merge one of its subsidiaries with real estate company Howard Hughes Holdings Inc., according to a letter to investors.

Pershing Square Capital Management is pushing for a merger after the spinoff of some of Howard Hughes’ other entities.

Pershing Square's potential majority stake could influence Howard Hughes' future, but risks remain. See my recommendation on HHH stock.