Ajit “AJ” Khubani made his fortune selling devices such as the PedEgg, to remove calluses from feet, and the Horsepower, to get rid of grime, thanks to “As Seen on TV” commercials.
Now the king of infomercial is about to invest that money in one of the biggest real estate purchases ever in the Miami area.
Khubani agreed to pay $100 million for three parcels of a waterfront complex on a Miami Beach island, people familiar with the matter said, asking not to be identified because the information is confidential. A second buyer would purchase the fourth remaining parcel for $22 million.
In total, the nearly 3 acres (1.2 hectares), Domaine de l’Île de La Gorce would cost around $122 million, making it the most expensive home ever sold in the Miami area.
The previous record was the mansion that Ken Griffin purchased in 2022 for $107 million, which was so far the only purchase in the Miami area to exceed $100 million.
Khubani did not respond to calls and messages seeking comment.
The La Gorce property was initially listed for sale for $170 million in 2022, according to a listing. It belonged to Dr. M. Lee Pearce, a physician and healthcare investor who died in 2017. Proceeds from the sale are expected to go to his charitable foundation.
The estate is made up of four plots: the three Khubani that we are buying, which include two houses and a private park, and a fourth with a larger house which will go to another buyer. In total, this adds up to 12 rooms and four marinas.
The final conditions of the purchase, at 18 La Gorce roundabout, still depend on obtaining local authorizations to divide the estate.
Khubani was born in New Jersey to a family of Indian immigrants. He and his brothers operate several companies, such as BulbHead and Ideavillage, which sell products under the “As Seen on TV” banner.
The family has recently made money in real estate in South Florida, with one of the brothers, Anand, selling a vacant beachfront plot of land in Palm Beach for $85 million last month, according to archives. He purchased the property for $12.7 million in 2005. The transaction was reported by the Real deal.
Luxury home sales in South Florida have been fueled by ultra-wealthy buyers like Jeff Bezos and Griffin. Developers began marketing penthouses in new high-end towers more than a year ago. 100 million dollarsbanking on the continued influx of deep-pocketed buyers attracted by warmer weather and lower taxes.
Jill Eber, Jill Hertzberg and Danny Hertzberg of Coldwell Banker Realty represented the seller in the La Gorce transaction. Brett Harris, with Douglas Elliman, and Bespoke Real Estate were on the buyer’s side.
