Who is the buyer spending about $100 million to acquire a waterfront residential assemblage on Miami Beach’s La Gorce Island?
Sources familiar with the deal told The Real Deal that Anand Khubani, founder and CEO of Wayne, New Jersey-based consumer brands company Ideavillage, is in contract to buy the properties at 18, 22 and 24 La Gorce Circle in Miami Beach for about $100 million.
Another member of the Khubani family has been falsely tied to the deal. Bloomberg reported that A.J. Khubani, the multimillionaire founder and CEO of Fairfield, New Jersey-based infomercial company Telebrands, is purchasing the larger portion. His wife, Poonam Khubani, a film producer and actor, told TRD via text that they are not purchasing the properties. The couple owns a condo in Miami Beach.
The assemblage went into contract in early April to two separate buyers, according to sources. A second unknown buyer is purchasing 16 La Gorce Circle for about $20 million to $25 million.
Anand Khubani, A.J. Khubani’s brother, did not immediately respond to a request for comment via LinkedIn.
The assemblage hit the market two years ago for $170 million.
The larger sale will mark the most expensive residential deal to close since hedge fund billionaire Ken Griffin purchased Adrienne Arsht’s former waterfront Miami estate for $106.9 million in 2022.
Still, it will be discounted compared to the original asking price. Danny Hertzberg, Jill Hertzberg and Jill Eber of The Jills Zeder Group at Coldwell Banker have the listing.
Brett Harris of Douglas Elliman and Zach and Cody Vichinsky of Bespoke are representing Khubani.
The agents declined to comment.
Anand Khubani recently sold a vacant oceanfront lot in Palm Beach for $85 million in an off-market deal. His firm, Ideavillage, owns consumer goods brands Copper Fit and Microtouch, and he also invests in and acquires consumer brands through Ideavillage, according to Ideavillage’s website.
The parcel at 16 La Gorce will have to be split off from the others, likely this summer.
The trust of the late Dr. M. Lee Pearce is selling the properties, which include three homes and a park. Pearce, who died in 2017, was a controversial activist investor who was known locally for his successful Southeast Bank proxy battle, as well as other attempted bank takeovers, from which he reportedly profited nearly $30 million. He was also a medical doctor who invested in real estate.
Pearce paid more than $3.1 million to assemble the properties in the 1980s, which total nearly 3 acres with about 600 feet of water frontage.
The house at 18 La Gorce Circle has two bedrooms, two bathrooms, one half-bathroom and a guest house; and the two-story house at 22 La Gorce Circle has five bedrooms, seven bathrooms and five half-bathrooms.
The two-story home at 16 La Gorce Circle, has five bedrooms, seven bathrooms and three half-bathrooms. The houses were built beginning in 1936.
Each house has its own dock.
Another large deal on La Gorce Island is in contract as well. Last month, Philippe Harari’s Aquablue Group entered into contract with an unknown buyer to sell the 15,000-square-foot, seven-bedroom waterfront spec mansion at 98 La Gorce Circle. It’s asking $67 million, down from $75 million, with Mirce Curkowski of One Sotheby’s International Real Estate.
Price reductions have spurred a boost in luxury sales activity in recent weeks from Palm Beach to Miami Beach.
Read more
Residential
South Florida
Bausch + Lomb boss Brent Saunders buys Cher’s former Miami Beach mansion for $35M
Residential
South Florida
Inside South Florida’s ultra luxury resi market