Bal Harbour investor Joseph Imbesi sold a waterfront property on the site of the former yacht club for $54.9 million.
Property records show Flamingo Way Enterprises LLC sold the lot at 200 Bal Bay Drive to a trust managed by attorney and trustee Mark Meland. It was listed for $65 million.
Tony Imbesi, an agent with Douglas Elliman and the son of Joseph Imbesi, represented his father in the sale of the 1.8-acre property. Dina Goldentayer, also with Elliman, brought the buyer.
The property features a 915-foot seawall, seven boat slips and has already been approved for a helipad. According to the listing, the docks can be demolished to make way for a super yacht.
The waterfront lot was formerly the Alfred Browning Parker-designed Bal Harbour Yacht Club, which was demolished in 2001.
The elder Imbesi acquired the site as part of a larger $19 million deal in 1999. Imbesi sold part of that property, home to the oceanfront Bal Harbour Club, in 2012 to developer Eduardo Costantini’s Consultatio for $220 million, where Consultatio built the condo tower Oceana Bal Harbour.
In June, Imbesi sold a nearby 50,000-square-foot property to WeWork founder Adam Neumann for $44 million.
Two years ago, Imbesi and his wife sold their waterfront Manalapan home for $6.5 million.