Consumer goods multimillionaire Anand Khubani paid $100 million for an assemblage on La Gorce Island in Miami Beach, The Real Deal has learned. It marks the most expensive residential sale in Miami-Dade County this year.
An undisclosed buyer is purchasing a smaller piece of the seller’s holdings for $22 million, for a total sale price of $122 million, said Danny Hertzberg, one of the listing agents. That deal is expected to close soon, he said.
Khubani, founder and CEO of Wayne, New Jersey-based consumer brands company Ideavillage, bought the properties at 18, 22 and 24 La Gorce Circle, sources told The Real Deal. The undisclosed buyer is acquiring the property at 16 La Gorce Circle.
Khubani’s purchase marks 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.
The La Gorce Island assemblage went into contract in early April, sources said. It hit the market two years ago for $170 million.
Danny and Jill Hertzberg and Jill Eber of The Jills Zeder Group at Coldwell Banker represented the seller, the trust of the late Dr. M. Lee Pearce.
Brett Harris of Douglas Elliman and Zach and Cody Vichinsky of Bespoke represented Khubani.
Harris said the buyer is in the design phase to build a home for his family.
“He’s very happy with the location and the view and it’s a legacy lot,” Harris said. “He looked here for almost a decade. The reduction in price made the land attractive.”
Danny Hertzberg called it a “major milestone” that Miami “has now had two $100 million sales… Pre-pandemic, $47 million was the record for years,” he said.
“Ultra-high net worth people continue moving here,” he added.
In April, Khubani 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.
Pearce, a controversial activist investor and a medical doctor, paid more than $3.1 million in the 1980s to assemble the properties, which total nearly 3 acres with about 600 feet of water frontage.
Khubani likely plans to redevelop the properties.
The house at 18 La Gorce Circle has two bedrooms, two bathrooms, one half-bathroom and a guest house. The two-story house at 22 La Gorce Circle has five bedrooms, seven bathrooms and five half-bathrooms. The property at 24 La Gorce Circle is a park.
The two-story home at 16 La Gorce Circle has five bedrooms, seven bathrooms and three half-bathrooms. That lot was split off from the other three this summer.
The houses were built beginning in 1936, and each home has its own dock.
In June, spec developer Philippe Harari’s AquaBlue Group sold the waterfront spec mansion at 98 La Gorce Circle for $62.5 million. Jill Eber of the Jills Zeder Group at Coldwell Banker Realty brought the buyer.