Michael Emilio

The two acre Grand Bay Club clubhouse property on Key Biscayne in South Florida has been purchased by Fortune International Realty.

“Obviously, we were attracted to the piece of property. It is important for us to acquire waterfront property when it is available.” said Fortune Principal Edgardo Defortuna.

It is unclear what will be the ultimate fate of the property, while for the moment the private club with its 450 members will continue to operate normally.

It is a possibility for Mr. Defortuna to combine the Grand Bay Club property with the adjacent Sonesta Beach Resort, which is currently owned by him. There was a recent approval of a redevelopment of the Sonesta property with 165 residential units in four to five towers.

“If the opportunity to put [Grand Bay and Sonesta] together and have the club as an amenity comes up, we will analyze that,” Mr. Defortuna said. “For now, we are prepared to run and improve the club.”