A
multifamily investor has acquired the final piece of Dr. M. Lee Pearce's La Gorce Island assemblage for $22.1 million, following Ideavillage founder Anand Khubani's record-breaking purchase of the bulk of the properties two months prior for $100 million. The buyer is 16 La Gorce LLC, a Florida entity managed by Thomas Neary and his associates, who financed the acquisition with a $15.4 million loan from Royal Bank of Canada.

    The property in question is a waterfront house at 16 La Gorce Circle in Miami Beach, listed by Danny Hertzberg, Jill Hertzberg, and Jill Eber of the Jills Zeder Group at Coldwell Banker. Thomas Neary heads Bowery Properties, a multifamily investment firm that acquired a Little Haiti portfolio for $11.6 million in 2021.

    La Gorce Island's half-acre parcel was one of four properties Pearce assembled in the 1980s for $3.1 million. Khubani purchased three adjacent homes on the island for $100 million last September, with plans to build a new home on the site. The Nearys' purchase is notable as it was made separately from the rest of the assemblage.

    The house at 16 La Gorce Circle was built in 1936 and spans 7,500 square feet, featuring seven bedrooms, six bathrooms, a dock, and a pool. La Gorce Island has become a magnet for luxury buyers, with recent sales including a $62.5 million waterfront mansion sold by Philippe Harari's AquaBlue Group in June and a $35.4 million sale to Bausch + Lomb CEO Brent Saunders and his wife last November.