In a significant move within Miami’s luxury real estate market, consumer goods multimillionaire Anand Khubani has purchased a sprawling waterfront property on La Gorce Island, a prestigious enclave in Miami Beach. The $100 million deal, which closed in April 2024, marks one of the largest residential real estate transactions in recent Miami history, second only to hedge fund billionaire Ken Griffin’s record-breaking purchase of Adrienne Arsht’s former waterfront estate for $106.9 million in 2022.
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The La Gorce Island Acquisition
Khubani’s purchase includes a three-parcel assemblage at 18, 22, and 24 La Gorce Circle, all of which are located on the picturesque Biscayne Bay. The properties had initially hit the market two years ago with an asking price of $170 million, but after remaining unsold for some time, the price reduction made the assemblage an attractive opportunity for Khubani, who had reportedly been scouting the Miami market for nearly a decade.
The seller of the property was the trust of the late Dr. M. Lee Pearce, a controversial medical doctor and activist investor. Pearce originally assembled the nearly 3-acre properties in the 1980s, paying more than $3.1 million at the time. The properties, which boast about 600 feet of water frontage, include several homes with various bedroom and bathroom configurations as well as a guest house and a park.
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Key Players in the Deal
The deal was brokered by several prominent names in the Miami real estate world. Danny and Jill Hertzberg, along with Jill Eber of The Jills Zeder Group at Coldwell Banker, represented the seller. On the buyer’s side, Brett Harris of Douglas Elliman and Zach and Cody Vichinsky of Bespoke represented Khubani in the negotiations.
Brett Harris commented on the deal, noting Khubani’s satisfaction with both the location and the stunning views. “He’s very happy with the location and the view, and it’s a legacy lot,” Harris said, emphasizing that Khubani had been actively searching for a property in Miami for nearly a decade. The significant price reduction further sweetened the deal, making the assemblage an irresistible investment.
Plans for Development
Although Khubani’s exact plans for the property have yet to be fully disclosed, it is believed that he is currently in the design phase to build a family home on the estate. The La Gorce Island property offers ample opportunity for redevelopment, and industry insiders speculate that Khubani may be looking to create a luxurious family compound. Given the size of the land and its prime location on the water, the estate could become one of Miami’s premier residences once development is completed.
Khubani has a history of investing in real estate, particularly in high-end markets. In April 2024, he sold a vacant oceanfront lot in Palm Beach for $85 million in an off-market deal, further showcasing his ability to navigate the luxury property market. His firm, Ideavillage, which owns popular consumer brands such as Copper Fit and Microtouch, has also provided Khubani with the financial flexibility to pursue large-scale investments in both business ventures and real estate.
A Milestone in Miami’s Luxury Market
Khubani’s acquisition represents a major milestone for Miami’s luxury real estate market. As noted by Danny Hertzberg, who helped facilitate the sale, “Miami has now had two $100 million sales. Pre-pandemic, $47 million was the record for years.” The COVID-19 pandemic has played a key role in transforming Miami’s real estate landscape, attracting an influx of ultra-high-net-worth individuals from across the United States and abroad.
The city’s favorable tax policies, warm climate, and luxury lifestyle have made it a prime destination for wealthy investors looking to relocate or purchase second homes. “Ultra-high net worth people continue moving here,” Hertzberg added, emphasizing the growing demand for properties in Miami’s elite neighborhoods, including La Gorce Island.
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The Legacy of La Gorce Island
La Gorce Island has long been one of Miami Beach’s most exclusive residential enclaves, attracting high-profile buyers and maintaining its reputation as a bastion of luxury living. The island offers both privacy and proximity to the vibrant culture, dining, and nightlife of Miami Beach, making it a coveted location for the world’s wealthy elite.
Khubani’s purchase is expected to further elevate the status of La Gorce Island, especially given his plans to build a custom home for his family. The properties at 18 and 22 La Gorce Circle currently feature two-story homes with multiple bedrooms and bathrooms, while 24 La Gorce Circle serves as a park. Once development is complete, the estate could set a new standard for waterfront living in Miami Beach.
