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nand Khubani, founder and CEO of Ideavillage, a consumer brands company, has acquired an assemblage on La Gorce Island in Miami Beach for $122 million. The purchase price includes $100 million paid by Khubani for three properties at 18, 22, and 24 La Gorce Circle, and $22 million for the property at 16 La Gorce Circle, which is being purchased by an undisclosed buyer. This sale marks the most expensive residential transaction in Miami-Dade County this year.

    Khubani's purchase surpasses the previous record set by hedge fund billionaire Ken Griffin, who bought Adrienne Arsht's former waterfront estate for $106.9 million in 2022. The La Gorce Island assemblage had been on the market since two years ago with an asking price of $170 million.

    The properties, totaling nearly three acres with about 600 feet of water frontage, were assembled by Dr. M. Lee Pearce in the 1980s for over $3.1 million. Khubani's purchase is expected to trigger redevelopment plans for the site. The houses on the property, built between 1936 and 1940, each have their own dock.

    The sale marks a significant milestone for Miami's luxury real estate market, with two transactions exceeding $100 million this year. Danny Hertzberg of The Jills Zeder Group at Coldwell Banker Realty represented the seller, while Brett Harris of Douglas Elliman and Zach and Cody Vichinsky of Bespoke represented Khubani.