An empty plot of sand on a man-made island in Dubai has been sold for $34m, setting a record-breaking deal that made the former owner a 242% profit on the undeveloped land.
The land, which is located on Jumeirah Bay Island, was sold for 125 million Dirhams on 19 April and was previously owned by Umar Kamani, the former CEO of online retailer PrettyLittleThing, who purchased it for nearly $10m two years ago.
The new buyer reportedly wants to build a family vacation home on the 24,500-square-foot space. The sale was brokered by Knight Frank; the company said that the transaction has set a new high at 5,100 dirhams per square foot, earning Kamani a profit of $24m just by holding onto the land for two years.
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