Who is the buyer spending approximately $100 million to acquire a waterfront residential development on La Gorce Island in Miami Beach?
Sources close to the matter said The real deal that Anand Khubani, founder and CEO of Wayne, New Jersey-based consumer brands company Ideavillage, has entered into a deal to purchase the properties at 18, 22 and 24 La Gorce Circle in Miami Beach for approximately $100 millions of dollars.
Another member of the Khubani family was falsely linked to the deal. Bloomberg reported that AJ Khubani, the multimillionaire founder and CEO of Fairfield, New Jersey-based infomercial company Telebrands, is buying most of it. His wife, Poonam Khubanifilm producer and actor, said TRD via text message stating that they are not purchasing the properties. The couple owns a condo in Miami Beach.
Assembly entered into contract in early April to two separate buyers, according to sources. A second unknown buyer is purchasing 16 La Gorce Circle for approximately $20 million to $25 million.
Anand Khubani, AJ Khubani’s brother, did not immediately respond to a request for comment via LinkedIn.
Assembly arrive on the market two years ago for $170 million.
The larger sale will be the most expensive residential deal to close since hedge fund billionaire Ken Griffin bought Adrienne Arsht’s former Miami waterfront estate for $106.9 million in 2022.
However, it will be reduced from the initial asking price. Danny Hertzberg, Jill Hertzberg and Jill Eber of the Jills Zeder Group at Coldwell Banker have the list.
Brett Harris of Douglas Elliman and Zach and Cody Vichinsky of Bespoke represent Khubani.
Officers declined to comment.
Anand Khubani recently sold a vacant oceanfront lot in Palm Beach for 85 million dollars as part of an off-market transaction. His company, 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 plot at 16 La Gorce will have to be separated from the others, probably 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 known locally for his successful proxy battle with Southeast Bank, as well as other bank takeover attempts, from which he allegedly profited nearly $30 million. He was also a doctor and 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 located at 18 Cercle La Gorce includes two bedrooms, two bathrooms, a shower room 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 starting in 1936.
Each house has its own dock.
Another large contract on the island of La Gorce is also under contract. Last month, Philippe Harari’s Aquablue group concluded a contract with an unknown buyer to sell the 15,000-square-foot, seven-bedroom waterfront mansion at 98 La Gorce Circle. He’s asking $67 million, down from $75 million, according to Mirce Curkowski of One Sotheby’s International Real Estate.
Price reductions have boosted luxury sales activity in recent weeks, from Palm Beach to Miami Beach.
