Miami Beach

Consumer Goods Tycoon Secures $100 Million Miami Beach Island Parcel: The Year’s Most Expensive Real Estate Deal

By Columbus International,26 September 2024

In a move that has sent ripples through the luxury real estate market, consumer goods titan Anand Khubani has recently closed on an extraordinary acquisition in Miami Beach. The entrepreneur has shelled out a staggering $100 million to secure three adjacent properties on La Gorce Island, an exclusive enclave overlooking Biscayne Bay.

A Record-Breaking Transaction

This deal, initially reported by The Real Deal, not only represents the most expensive residential purchase in Miami-Dade County in 2023 but also stands as one of the most significant in recent Florida real estate history.

The three properties, located at 18, 22, and 24 La Gorce Circle, form an impressive waterfront compound spanning nearly 3 acres, boasting almost 600 feet of water frontage. Originally listed two years ago with an asking price of $170 million, the properties were ultimately sold at a substantial discount, while still maintaining their status as prime real estate assets.

Property Details

The real estate assemblage purchased by Khubani includes:

– 18 La Gorce Circle: A two-bedroom residence with a private dock and guest house.
– 22 La Gorce Circle: A five-bedroom villa with a dock.
– 24 La Gorce Circle: Currently a private park, offering potential for future development.

The Seller and History

The properties previously belonged to the trust of the late Dr. M. Lee Pearce, a controversial activist investor and physician. Pearce, who passed away in 2017 on La Gorce Island itself, had assembled this extraordinary estate in the 1980s, investing over $3.1 million at the time.

The Buyer: An Industry Visionary

Anand Khubani, the buyer, is the founder of Ideavillage Products, a New Jersey-based firm that distinguishes itself by “creating and partnering with high-potential brands” and “disrupting categories,” as stated on their website.

Future Prospects

This acquisition not only underscores Miami Beach’s continued allure to the ultra-wealthy but also suggests potential future developments in one of the city’s most exclusive areas. With Khubani’s entrepreneurial vision, one can expect this property to become an even more significant landmark in Miami Beach’s landscape.

As the luxury real estate market continues to evolve, transactions like this demonstrate that despite global economic fluctuations, prime locations and unique properties maintain a strong appeal for elite buyers ready to invest in extraordinary real estate assets.

The sale was brokered by top-tier real estate professionals, with Danny and Jill Hertzberg and Jill Eber of The Jills Zeder Group at Coldwell Banker representing the seller, while Brett Harris of Douglas Elliman, and brothers Zach and Cody Vichinsky of Bespoke represented Khubani.

This landmark deal not only sets a new benchmark for Miami’s luxury real estate market but also signals continued confidence in the region’s long-term value proposition among high-net-worth individuals and savvy investors.

Source: New York Post

The Evolution of a Grand Playground – Unveiling the Cultural Renaissance of Miami Beach

By Columbus International,13 November 2023

Miami Beach, the sun-kissed real estate paradise on Florida’s southeastern coast, has long been synonymous with luxury, excess, and a vibrant scene. Behind its glamorous façade, however, lies a city that has undergone a fascinating series of transformations throughout its history. From its origins as a playground for the wealthy elite to social challenges and subsequent rapid ascent, Miami Beach has consistently demonstrated resilience and adaptability. Today, as the city faces new challenges, it prepares for a fresh reinvention, one that embraces cultural enrichment and redefines its very essence.

Miami Beach: A Journey Through Time
Nearly a century ago, in the roaring ’20s, Miami Beach experienced its first real estate boom. Millionaires like Harvey Firestone, J.C. Penney, and Rockwell LaGorce flocked to this three-mile stretch of paradise known as Millionaire’s Row. It was during this period that Art Deco architecture began to take shape, leaving an indelible mark on the city’s identity. The bubble burst with the onset of the Great Depression, plunging Miami Beach into a severe economic crisis. Nevertheless, the city found a way to bounce back.

Revival and Reinvention
In the ’40s and ’50s, Miami Beach witnessed a revival fueled by an influx of retirees and post-war economic boom. The construction of numerous hotels along Collins Avenue propelled the city’s tourism industry. As the ’50s approached, the so-called “Miami Beach experience” was packaged and marketed to the American middle class, losing some of its authentic charm in the process. Nevertheless, Miami Beach pressed on. The city maintained a busy schedule of events, attracting prominent artists like Sinatra’s Rat Pack and the newly discharged army man, Elvis Presley. However, with the rise of countercultural movements and shifting social attitudes, Miami Beach found itself disconnected from the evolving times. Over time, historic communities established themselves, and by the late ’70s, its decline was marked by crime and deteriorating infrastructure. Yet, as in every cycle of transformation, Miami Beach had its moment of rebirth.

Preservation and Passion
In the ’80s, the groundbreaking TV series Miami Vice entered the scene. Debuting in September 1984, it portrayed an exaggerated and glamorous version of the city, showcasing its vibrant energy and enveloping atmosphere. Miami Vice not only saved South Beach from demolition but also played a significant role in shaping Miami Beach’s image. Activists fought passionately to preserve the decaying Art Deco hotels that emerged in Miami Beach towards the end of the Depression era, providing affordable accommodations to snowbirds. Led by Barbara Capitman, these activists succeeded in getting the Art Deco District and its Tropical Deco building inventory listed on the National Register of Historic Places in 1979. This listing ensured the protection of the city’s unique architectural heritage. Additionally, artists, designers, and entrepreneurs recognized the potential of Miami Beach and flocked to the city during its ’90s renaissance. In particular, the fashion industry fell in love with Miami Beach’s dynamic atmosphere and vibrant colors, solidifying its status as a global hotspot for nightlife. During this era, Miami Beach became a magnet for celebrities seeking a subtropical vacation spot away from the spotlight. Icons like Madonna and Gianni Versace were drawn to the allure of this sensual paradise, embracing its vibrant lifestyle and contributing to its aura of mystery. The late ’90s and early 2000s marked the peak of Miami Beach’s transformation. Its reputation as a playground for the rich and famous was solidified, becoming a global hotspot for nightlife. Celebrities and jet-setters from around the world flocked to Miami Beach, attracted by the lively entertainment scene, luxury hotels, and world-renowned restaurants.

Glamour and Sophistication
Over the years, Miami Beach faced the challenge of maintaining a delicate balance. The city had to reconcile its image as a glamorous entertainment hub with the desire to cultivate a more refined and inclusive atmosphere. High rents and the departure of distinctive merchants led to vacant storefronts, especially in coveted areas like Lincoln Road. This departure of small businesses disrupted the city’s unique charm, diminishing its appeal for European and South American visitors who once sought longer vacations with more disposable income.

Cultural Renaissance
Today, Miami Beach stands at a crucial moment, ready to redefine its identity once again. The city aims to shed the reputation of a lawless spring break destination and embrace a cultural renaissance. A recent bond issuance, totaling $97.6 million, is funding improvements to cultural projects like the Miami City Ballet and the Bass Museum of Art. These bonds are secured by property taxes, which have increased in recent years due to Miami Beach’s appeal to the wealthy. The bond issuance represents a significant effort by Miami Beach to transform its image and pivot towards a cultural landscape. The city seeks to attract “cultural tourists” rather than crowds of young vacationers. Miami Beach has seen an increase in residential property values, with nearly a 125% growth in the last decade. The arrival of high-income individuals, including billionaires like Puerto Rican entrepreneur Orlando Bravo, H.I.G. Capital Co-Founder and Co-CEO Sami Mnaymneh, and hedge fund executive Ken Griffin, has led to the development of modern office buildings, new restaurants, and success in hosting international events like Art Basel. Miami Beach has always had a rich cultural base, boasting institutions like the New World Symphony and the Miami Beach Botanical Garden. The recent bond funding will build on this history, promoting the city’s arts and cultural offerings. Investments aim to create an unprecedented growth in museums, theaters, and public performance spaces, further enriching Miami Beach’s vibrant community. As Miami Beach embarks on its latest chapter, the delicate dance between growth and preservation will shape its future, a narrative that carries the potential for enchantment and cautionary tales. The city’s transformative journey serves as a compelling reminder that reinvention is a nuanced dance, requiring a delicate balance between progress and respect for its unique identity.

Discover Your Luxury Oasis in Miami: The Perigon – Where Elegance Harmonizes with the Atlantic’s Beauty

By Columbus International,1 September 2023

Sales have commenced for The Perigon, an upscale condominium development situated on the oceanfront in Miami Beach. Mast, a Coconut Grove-based company led by Camilo Miguel Jr., partnered with Barry Sternlicht’s Starwood to undertake the construction of this 17-story, 82-unit structure located at 5333 Collins Avenue.

The residences within The Perigon embody a harmonious blend of design and sophistication, meticulously crafted to make the most of Miami‘s natural surroundings. These homes boast a dynamic interplay of clean lines and graceful curves, seamlessly integrating with the building’s exterior while embracing the beauty of the surrounding environment. Expansive floor-to-ceiling windows bathe each floor in sunlight, casting a kaleidoscope of hues as the sun makes its daily journey. The open and spacious floor plans encourage unrestricted movement, with rooms effortlessly flowing into one another. Expansive wraparound terraces, designed for privacy, seamlessly extend from communal areas, forming a visual connection between land and sea. Impeccable attention to detail, enduring elegance, and breathtaking coastal vistas are all hallmarks of The Perigon. Jason Long, a Partner at OMA New York, spearheaded the architectural design, conceiving a series of “towers” that have been artfully rotated to optimize views of the Atlantic Ocean from every residence, while also offering splendid panoramas of Biscayne Bay and the Miami skyline overlooking Miami Beach.

These towers have been ingeniously merged and elevated into a singular structure that appears to delicately touch the ground, freeing up valuable space for lush gardens below. The design of the interconnected towers is set to achieve LEED Gold certification upon completion, with the subtle contrast between their organic and orthogonal shapes emphasizing their unique juxtaposition. The Perigon was conceived to provide its residents with an uninterrupted view of the vast Atlantic expanse and the iconic sands of Miami Beach, allowing them to immerse themselves in this picturesque setting. Designed to offer a distinctive indoor-outdoor living experience, this waterfront sanctuary boasts an array of luxuries that seamlessly blend interior and exterior spaces, enabling residents to connect with the land, water, and natural surroundings from the comfort of their own abode.