The Real Deal Miami

Oceanfront club site on the block

December 23, 2008 10:29AM

The Bal Harbour Club in Miami is selling its waterfront land for $225
million and has a $60 million adjoining marina on sale. Thorpe
Sotheby’s International Realty representative Peter Tobia said foreign
investors have shown a surprisingly high level of interest amid tight
credit markets. A year ago, current owner Joseph Imbesi made a $90
million out-of-court settlement with a prospective buyer and hung on to the
property.