Anand Khubani is negotiating one of the largest real estate purchases ever made in the Miami area, according to two people with knowledge of the matter.
Khubani is behind an offer to pay roughly $100 million for three parcels of a waterfront compound on an island in Miami Beach, the people said, asking not to be identified because the information is confidential. While the transaction is under contract, a sale hasn’t been finalized.
A second buyer is in talks to purchase the remaining fourth parcel for $22 million, the people said.
A representative for Khubani, founder of consumer products firm IdeaVillage, said he wasn’t available to comment immediately. Emails sent to his office went unanswered.
All told, the nearly 3-acre (1.2 hectares), La Gorce Island estate would go for about $122 million.
The current record for most expensive residence in the Miami area was the mansion Ken Griffin purchased in 2022 for $107 million, which so far has been the only purchase in the region that has topped $100 million.
The La Gorce property was initially put up for sale for $170 million in 2022, according to a listing. It belonged to Dr. M. Lee Pearce, a physician and health-care investor who died in 2017. Proceeds from the sale are slated to go to his charitable foundation.
The sale will divide the estate in two parts: Three parcels going to one buyer, which include two houses and a private park, and a fourth, smaller but with a bigger home, that will go to a different buyer. All together, the separate components add up to 12 bedrooms and four marinas.
Final terms of the purchase, at 18 La Gorce Circle, still hinge on securing local authorizations to split the estate.
A firm tied to Khubani sold a vacant oceanfront lot in Palm Beach for $85 million last month, records show. He had bought the property for $12.7 million in 2005. The transaction was reported by the Real Deal.
Khubani and his brothers operate several companies, including BulbHead and IdeaVillage, that sell products under the “As Seen on TV” banner.
Sales of luxury South Florida homes have been fueled by ultra-rich buyers like Jeff Bezos and Griffin. Developers have started marketing penthouses in new high-end towers for over a $100 million, banking on the continued inflow of deep-pocketed buyers lured by warmer weather and lower taxes.
Jill Eber, Jill Hertzberg and Danny Hertzberg of Coldwell Banker Realty are representing the seller on the La Gorce deal. Brett Harris, with Douglas Elliman, and Bespoke Real Estate are on the buyer’s side.
Correction, May 15, 2024: A previous version of this article misstated the name of the property’s buyer .