A plot of land neighboring Jeff Bezos‘ property in Miami was sold for a staggering $105 million. The undeveloped lot was sold by German investor Mikhail Peleg.

What Happened: The sale of the property on Indian Creek Island has set a new record for this ultra-exclusive location. The buyer of the property remains anonymous, but the transaction was made in cash, as per Forbes.

Peleg, a resident of Switzerland, bought the approximately 2-acre land in 2018 for $27.5 million. Although he initially planned to build on the plot, the project was eventually abandoned.

“When I purchased this property in 2018, it was the highest sale price on the market,” Peleg told the outlet.

“People told me I was overpaying, that it wasn't a smart investment. But I saw the long-term potential in both the land and the vision we had for the property.”

The property, located at 9 Indian Creek Island Road, was listed for $200 million late last year. It drew attention due to its proximity to properties owned by Bezos.

Also Read: Jeff Bezos Called Out in Hunts Point: ‘Acts Like He Owns Hunts Point,’ ‘Not Much of a Neighbor,’ ‘Busy With National Stuff’

The final sales price of $105 million sets a new record for Indian Creek Island, just $15 million shy of Miami's most expensive home sale.

Why It Matters: Indian Creek Island is renowned for its exclusivity, with access heavily restricted.

The island is home to high-profile residents such as Tom Brady, Carl Icahn, and Jared Kushner and Ivanka Trump.

The record-breaking sale price of this property underscores the high demand for real estate in this exclusive location, despite the high costs.

The sale also highlights the potential for significant returns on investment in the luxury real estate market, as demonstrated by Peleg’s substantial profit from his 2018 purchase.

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Image: Shutterstock/lev radin