Sold for $85 million: Vacant lot of about an acre has 225 feet on the ocean in Palm Beach

A vacant lot measuring about an acre with 225 feet of direct beachfront has sold privately for a recorded $85 million on the North End of Palm Beach, according to a deed recorded Tuesday.

The sale price for the double lot at 108 El Mirasol is likely a record-setter for a vacant parcel of its size in Palm Beach.

The buyer was a Delaware-registered limited liability company named after the property’s address. Because of Delaware’s strict corporate privacy laws, no other information about anyone connected to the buyer’s side of the sale was immediately available in public records.

Based on the lot’s size — 43,996 square feet — mentioned in a previous sales listing, the buyer paid $1,932 per square foot.

The lot was sold by ANK Palm Beach LLC, a Delaware entity managed by New Jersey businessman Anand Khubani, who signed the deed to sell the property.

Khubani and his wife, Neeta, had bought the lot for a recorded $12.725 million in 2005, property records show, and in 2013 transferred ownership to ANK Palm Beach LLC.

The property was a relatively rare find in Palm Beach because of its direct-beachfront position. At many other oceanfront properties, the coastal road separates the bulk of the lot from a beach parcel.

Broker Lawrence Moens of Lawrence A. Moens Associates represented the seller’s side of the deal, while Corcoran Group agents Paulette Koch and Dana Koch acted on behalf of the buyer, real estate sources confirmed for the Palm Beach Daily News.

Moens, the Khubanis and the Corcoran agents could not be immediately reached for comment.

Moens had listed the property at $89 million in January 2023, according to records in the Palm Beach Board of Realtors Multiple Listing Service. But the listing was withdrawn from the MLS about five months later, records show.

The property lies on a cul-de-sac at the east end of El Mirasol, about a half-mile north of The Breakers.

The land was once part of El Mirasol, a massive estate with a mansion designed in 1919 by noted society architect Addison Mizner for Philadelphia investment banker Edward T. “Ned” Stotesbury and his socialite wife, Eva. Following her death in 1946, the land was sold, the mansion demolished and the area replatted for smaller homes.

Anand Khubani is an entrepreneur and industrialist whose resume includes creating “direct-to-consumer” marketing strategies for products as CEO of the New Jersey-based company he founded, IdeaVillage Products Corp.

The seller in the 2005 transaction was Carolyn Minskoff, the widow of New York real estate executive Myron Minskoff, who died in 2000. The Minskoffs for years had a house on the property.

As part of the January 2005 sale, Carolyn Minskoff sold the Khubanis an adjacent property immediately west of the one that was just listed for sale. That lot, at 110 EL Mirasol, changed hands at the time for $3.85 million but was resold, at the same price, a few months later, property records show.

Three other vacant lots in Palm Beach are listed at higher prices than the recorded sales price of the lot that just changed hands on El Mirasol, an MLS search Tuesday showed.

The most expensive Palm Beach land listing is an ocean-to-lake parcel priced at $150 million at 1980 S. Ocean Blvd. Bordering Sloan’s Curve and measuring about 2 acres, that vacant property comprises two separate lots stretching between the coastal road and the Intracoastal Waterway. Corcoran Group agent Shelly Newman holds the listing for the South Ocean Boulevard property.

Two other side-by-side, direct-beachfront lots of about an acre each are priced separately at $88.9 million at 1071 and 1063 N. Ocean Blvd. Broker Christian Angle of Christian Angle Real Estate holds the listing for those properties.

Moens has another direct-oceanfront property at 965 N. Ocean Blvd. listed at $74.5 million. It measures about 1.24 acres, property records show.

In all, the land category of the MLS this week showed 23 Palm Beach properties actively for sale. Some of the lots have houses on them but were being marketed for their land value.

*

Portions of this story appeared previously in the Palm Beach Daily News. This is a developing story. Check back for updates.

*

Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.

This article originally appeared on Palm Beach Daily News: Vacant beachfront lot sells for $85 million in Palm Beach, deed shows