Bal Harbour investor Joseph Imbesi sold a waterfront property on the site of the former yacht club for $54.9 million. It was listed for $65 million.

The property features a 915-foot seawall, seven boat slips and has already been approved for a helipad. According to the listing, the docks can be demolished to make way for a super yacht.

Josep Imbesi acquired the site as part of a larger $19 million deal in 1999. Imbesi sold part of that property, home to the oceanfront Bal Harbour Club, in 2012 to developer Eduardo Costantini’s Consultatio for $220 million, where Consultatio built the condo tower Oceana Bal Harbour.

In June, Imbesi sold a nearby 50,000-square-foot property to WeWork founder Adam Neumann for $44 million.

(source: therealdeal.com)