FL Waterfront Lots Fetch $120 Mil., Topping Billionaire Ken Griffin's Record. Proceeds Go To Charity

Photo byInstagram Screenshot, therealdeal

If you live in Florida, you know that it is not unusual for waterfront homes and lots to go for a premium - sometimes in the millions of dollars - depending upon the location and condition of the home. However, one recent sale, in Miami Beach, went for $120 million. And much of the monies will go toward charity - some of them possibly benefitting Florida institutions.

About The Sale: The trust of the late Dr. M. Lee Pearce sold three lots on a Biscayne Bay enclave to consumer goods multimillionaire Anand Khubani for $100 million. A fourth lot is under a contract for $20 million and should close soon.

Dr. Pierce reportedly owned the properties for four decades. One lot was home to his residence and the other lots were used as gardens and open green space.

This sale broke the record that was set when billionaire Ken Griffin purchased a mansion in Miami-Dade County for $106.88 million in 2022. (I've written about Ken Griffin relocating his company Citadel from Chicago to Florida.)

The Sale Will Reportedly Benefit Charity: According to the South Florida Business Journal, the proceeds from the sale will benefit charities.

The website for the Dr. M. Lee Pearce Foundation indicates that it supports medical research and musical pursuits. Two Florida institutions are mentioned on the website as benfactors - the University of Miami and the Mayo Clinic.

The aforementioned Ken Griffin has also made a donation to benefit the University of Miami. In the spring of 2024, he donated $50 million toward research and new cancer treatments at Sylvester Comprehensive Cancer Center at the University.