Consumer goods magnate Anand Khubani has bought three parcels on La Gorce Island from the trust of the late Dr. M. Lee Pearce, marking the priciest deal in Miami-Dade County so far this year.
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Consumer goods magnate Anand Khubani has paid $100 million for three parcels on Miami Beach’s La Gorce Island, marking Miami-Dade County’s priciest deal of the year, The Real Deal reported on Monday.
The seller is also offloading a smaller, fourth parcel for $22 million to a separate, undisclosed buyer, according to listing agent Danny Hertzberg of The Jills Zeder Group at Coldwell Banker.
Not only is Khubani’s $100 million deal the most expensive yet this year, it also is the priciest residential transaction to close in the county since Citadel CEO Ken Griffin bought Adrienne Arsht’s waterfront estate for $106.9 million in 2022.
The La Gorce Island compound was first listed in 2022 with an asking price of $170 million. Khubani has now acquired the properties at 18, 22 and 24 La Gorce Circle, and the other unknown buyer is pending on 16 La Gorce Circle.
The seller is the trust of the late Dr. M. Lee Pearce, a somewhat controversial figure in the community who, in addition to working as a medical doctor, was an activist investor who attempted multiple bank takeovers and also owned hospitals and other real estate. He died in 2017.
Pearce acquired the properties in the 1980s for around $3.1 million. In total, the compound spanned nearly three acres with about 600 feet of water frontage, three homes and a park.
Jill Hertzberg and Jill Eber of The Jills Zeder Group also represented the seller alongside Danny Hertzberg. Brett Harris of Douglas Elliman and Zach and Cody Vichinsky of Bespoke represented Khubani in the deal.
Hertzberg called the deal’s scale a “major milestone” for Miami’s luxury market, which has now had two $100 million sales.
“Pre-pandemic, $47 million was the record for years,” Hertzberg told TRD.
In the spring, Khubani sold a vacant oceanfront lot in Palm Beach for $85 million. He will likely redevelop his new properties, which were first constructed in the 1930s. Khubani is founder and CEO of the New Jersey-based consumer brands company Ideavillage.
Eighteen La Gorce Circle features a two-bedroom, two-and-a-half bathroom main house and a guest house, and 22 La Gorce Circle has a five-bedroom, seven full- and five half-bathroom house. 22 La Gorce Circle is a park.
The island saw another pricey deal in June when spec developer Philippe Harari’s AquaBlue Group sold a mansion at 98 La Gorce Circle for $62.5 million.
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