On the heels $ 44 million deal To sell a pair of properties in Bal Harbor, Florida to WeWork founder Adam Neumann, Florida investor Joseph Imbesi made another major sale.
Mr Imbesi closed a nearly $ 55 million deal to sell a 2-acre plot of land on the peninsula at the estuary of the Bal Harbor Yacht Club, according to a local multiple classifieds service. Records show that this is one of the highest land prices ever paid in the area.
The package went on sale for $ 65 million in March. The Wall Street Journal reports… It sits next to a property that Mr. Imbesi sold to Mr. Neumann, who recently paid about $ 44 million in an off-market deal for two plots of approximately 50,000 square feet. One includes a 14,500-square-foot home under construction and the other an undeveloped lot.
Both the 2-acre site and the property sold to Mr. Neumann were included in a $ 19 million deal Mr. Imbesi struck in the late 1990s for a local social club. He became a member of the club when he moved to Bal Harbor in the 1980s, and when the opportunity to buy back shares of other members arose in the 1990s, he took advantage of it, he said in March. The deal gave him control of the club’s real estate.
It turned out to be a lifelong affair. In 2012, Imbesi said he resold another 5½ acres of land to a developer for $ 220 million to build the luxury Oceana Bal Harbor condominium.
“People didn’t see the value that I saw. I knew how things were, we had nowhere to go but up, ”he told The Wall Street Journal earlier this year. “The floodgates are now open.”
In a post-closing phone call, Mr Imbesi said the deal was the culmination of nearly two decades of work and thanks his son Tony Imbesi for taking the lead. “It took a lot of work to prepare all this for the sale. It was not easy, ”he said. “The docks were falling. It was a disaster that we fixed and beautified. “
The 2-acre cleared site sits on the edge of the peninsula and was recently changed to a new zone to accommodate a single-family home of up to 60,000 square feet. In March, Mr Imbesi reported that there are seven slips on the protected waterway. It previously housed the Bal Harbor Yacht Club Clubhouse, designed by modernist architect Alfred Browning Parker, but the building fell into disrepair and was demolished in 2001, he said.
Tony Imbezi, Douglas Elliman’s agent, represented his father in the deal. Dina Goldentaer of Douglas Elliman represented an unidentified buyer, according to a multiple listing service. Ms. Goldentaer could not be contacted.
Write to Katherine Clarke in Katherine.Clarke@wsj.com
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