Shopper items magnate Anand Khubani has purchased three parcels on La Gorce Island from the belief of the late Dr. M. Lee Pearce, marking the priciest deal in Miami-Dade County thus far this 12 months.
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Shopper items magnate Anand Khubani has paid $100 million for 3 parcels on Miami Seashore’s La Gorce Island, marking Miami-Dade County’s priciest deal of the 12 months, The Actual Deal reported on Monday.
The vendor can also be offloading a smaller, fourth parcel for $22 million to a separate, undisclosed purchaser, in keeping with itemizing agent Danny Hertzberg of The Jills Zeder Group at Coldwell Banker.
Not solely is Khubani’s $100 million deal the costliest but this 12 months, it is also the priciest residential transaction to shut within the county since Citadel CEO Ken Griffin purchased Adrienne Arsht’s waterfront property for $106.9 million in 2022.
The La Gorce Island compound was first listed in 2022 with an asking value of $170 million. Khubani has now acquired the properties at 18, 22 and 24 La Gorce Circle, and the opposite unknown purchaser is pending on 16 La Gorce Circle.
The vendor is the belief of the late Dr. M. Lee Pearce, a considerably controversial determine locally who, along with working as a medical physician, was an activist investor who tried a number of financial institution takeovers and in addition owned hospitals and different actual property. He died in 2017.
Pearce acquired the properties within the Nineteen Eighties for round $3.1 million. In complete, the compound spanned practically three acres with about 600 toes of water frontage, three houses and a park.
Jill Hertzberg and Jill Eber of The Jills Zeder Group additionally represented the vendor alongside Danny Hertzberg. Brett Harris of Douglas Elliman and Zach and Cody Vichinsky of Bespoke represented Khubani within the deal.
Hertzberg referred to as the deal’s scale a “major milestone” for Miami’s luxurious market, which has now had two $100 million gross sales.
“Pre-pandemic, $47 million was the record for years,” Hertzberg informed TRD.
Within the spring, Khubani offered a vacant oceanfront lot in Palm Seashore for $85 million. He’ll seemingly redevelop his new properties, which had been first constructed within the Nineteen Thirties. Khubani is founder and CEO of the New Jersey-based shopper manufacturers firm Ideavillage.
Eighteen La Gorce Circle encompasses a two-bedroom, two-and-a-half rest room important home and a visitor home, and 22 La Gorce Circle has a five-bedroom, seven full- and 5 half-bathroom home. 22 La Gorce Circle is a park.
The island noticed one other expensive deal in June when spec developer Philippe Harari’s AquaBlue Group offered a mansion at 98 La Gorce Circle for $62.5 million.
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