Ajit “AJ” Khubani made a fortune selling contraptions such as the PedEgg, for removing callouses from feet, and the Horsepower, for getting rid of grime, through “As Seen on TV” ads.
Now, the infomercial king is about to plow that money into one of the largest real estate purchases ever made in the Miami area.
Khubani agreed to pay $100 million for three parcels of a waterfront compound on an island in Miami Beach, said people with knowledge of the matter, asking not to be identified because the information is confidential. A second buyer would purchase the remaining fourth parcel for $22 million.
All told, the nearly 3-acre La Gorce Island estate would go for about $122 million, making it the most-expensive home ever sold in the Miami area.
The previous record was the mansion Ken Griffin purchased in 2022 for $107 million, which so far has been the only purchase in the Miami area that has topped $100 million.
Khubani didn’t respond to calls and messages seeking comment.
The La Gorce property was initially put up for sale for $170 million in 2022, according to a listing. It belonged to Dr. M. Lee Pearce, a physician and health-care investor who died in 2017. Proceeds from the sale are slated to go to his charitable foundation.
The estate is made up of four parcels: The three Khubani is buying, which include two houses and a private park, and a fourth with a bigger home that will go to a different buyer. All together, it adds up to 12 bedrooms and four marinas.
Final terms of the purchase, at 18 La Gorce Circle, still hinge on securing local authorizations to split the estate.
Khubani was born in New Jersey to a family of Indian immigrants. He and his brothers operate several companies, like BulbHead and Ideavillage, that sell products under the “As Seen on TV” banner.
The family has made money on South Florida real estate recently, with one of the brothers, Anand, selling a vacant oceanfront lot in Palm Beach for $85 million last month, records show. He had bought the property for $12.7 million in 2005. The transaction was reported by the Real Deal.
Sales of luxury South Florida homes have been fueled by ultra-rich buyers like Jeff Bezos and Griffin. Developers have started marketing penthouses in new high-end towers for over a $100 million, banking on the continued inflow of deep-pocketed buyers lured by warmer weather and lower taxes.
Jill Eber, Jill Hertzberg and Danny Hertzberg of Coldwell Banker Realty represented the seller on the La Gorce deal. Brett Harris, with Douglas Elliman, and Bespoke Real Estate were on the buyer’s side.
