A luxurious Miami estate with roots in the legendary Howard Hughes's land holdings has been listed for $55.5 million.

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.

Bill Ackman ’s Pershing Square Capital Management is proposing to merge its newly formed subsidiary with Howard Hughes Holdings Inc., Ackman’s latest attempt to transform Howard Hughes into an empire on par with Berkshire Hathaway.

Bill Ackman’s Pershing Square Capital aims to merge with one of the largest public commercial real estate companies in a $1.5 billion deal.

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