The empty, 24,500-square-foot parcel of land, which lies on the man-made Jumeirah Bay Island and has no structures on it, sold for 125 million dirhams, or $34 million, on April 19, according to the real estate firm that brokered the off-market deal.
A British fashion entrepreneur has sold a coveted plot of sand on a luxury island in Dubai in a record-setting deal.
The sale is noteworthy because of the property's sparseness — previous headline-grabbing sales in Dubai have been of mega-mansions and ultra-luxurious apartments. A $34 million real estate deal in Dubai"would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah Bay's exclusivity means that this only buys you the sand on which to build your dream home," Andrew Cummings, partner and head of prime residential at Knight Frank, said in a statement.
The parcel of land on Jumeirah Bay Island that sold for the equivalent of $34 million is a plot of sand with no structures on it.The seller, Umar Kamani, founded and until recently served as the CEO of PrettyLittleThing, a fast-fashion retail business based in the U.K. Knight Frank indicated that the buyer, whose identity was not disclosed, plans to build a"spectacular custom-built mansion" on the plot.
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