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Ideavillage founder Anand Khubani sells oceanfront Palm Beach lot for $85M
He bought 1-acre property for $12.7M in 2005
Anand Khubani and 108 El Mirasol in Palm Beach (Getty, Children’s Hope India, Google Maps)
Ideavillage founder and CEO Anand Khubani sold a vacant oceanfront lot in Palm Beach for $85 million in an off-market deal.
Records show Anand’s Ank Palm Beach LLC sold the property at 108 El Mirasol to a Delaware entity named for the address.
Lawrence Moens of Lawrence A. Moens Associates represented the seller, and Dana Koch of the Corcoran Group brought the buyer. Koch declined to comment on the deal.
Khubani helms Ideavillage, the firm that owns consumer goods brands Copper Fit and Microtouch. He also invests in and acquires consumer brands through Ideavillage, its website shows.
He and his wife, Neeta Khubani, bought the El Miraso property for $12.7 million in 2005, records show. The North End property spans more than an acre directly on the ocean.
Brokers say that after a slow start, the busy season for dealmaking in Palm Beach took off in February, with many buyers now looking to close purchases before decamping to their summer homes. Other land listings haven’t fared as well as Khubani’s lot — after seeking $200 million for 2 oceanfront acres, cosmetics heir William Lauder gave his listing a price cut and a new broker.
Still, the island is the nation’s top trophy market, with more listings over $50 million than anywhere in the country. Last month, Palm Beach’s most expensive home, Tarpon Island, listed at $187.5 million, found a buyer.
This month, designer and real estate investor Tommy Hilfiger sold a lakefront home for $28 million. Also this month, payday loan mogul Allan Jones bought a non-waterfront house for $29.3 million.