The off-market deal includes two parcels with 360-feet of water frontage.
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June
18, 2021
2 min read
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WeWork founder Adam Neumann is in contract to buy two properties on Miami Beach’s Bal Harbour Marina.
The two adjacent lots total 50,000 square feet and include multiple boat slips, according to the seller, Joseph Imbesi, a local investor.
One parcel has a 14,500 square foot house that’s under construction. The second parcel is an empty lot.
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Neumann recently sold his Northern California property for a shocking $22.4 million two months ago.
The two properties have approximately 360 feet of water frontage combined.
Imbesi bought the site as part of a 10.5 acre purchase for $19 million in the late 1990s, the Wall Street Journal reports.
Related: WeWork Is The Latest To Agree To Go Public Via A SPAC Merger
Imbesi says Neuman received a $1 million allowance for unfinished construction and credits his son, Tony, for the development, “He’s got a clear view of the Bal Harbour yacht basin.”
In May, Neumann received a stock award of roughly $245 million, the Wall Street Journal reports.
The revision was part of a 2019 exit package to resolve a dispute between the 41-year old former CEO and SoftBank.
Mr. Imbesi was represented by his son and an agent at Douglas Elliman at the family’s Flamingo Way Enterprises. The buyer was represented by Brett Harris, also of Douglas Elliman, who couldn’t immediately be reached for comment.
Related: Why Did WeWork’s Adam Neumann “Flee” From New York?