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Miami Beach development site, once planned for 65 co-living condos, has been sold to Pakman Miami Beach for $17.5 million. However, this sale comes at a significant cost to over 30 investors who had contracts to buy units in the abandoned project. They will collectively lose more than $10 million in deposits as proceeds from the sale will be used to pay off debts and fees.

    The site was previously owned by Location Ventures' subsidiary, Urbin, which halted construction last year after city officials shut down unpermitted work. The company's founder, Rishi Kapoor, has since settled a federal lawsuit alleging he defrauded investors in his failed real estate projects.

    Receiver Bernice Lee requested permission to sell the property to pay off debts, including a $19.2 million mortgage owed by Location Ventures' affiliate. The lender will accept $16.7 million of this amount if the sale goes through. Other expenses from the sale include delinquent property taxes, closing costs, and fees for marketing and utilities.

    As a result, no money will be left over for the condo buyers or several contractors who had filed liens totaling more than $11 million for alleged unpaid work.