A double-lot waterfront estate on Palm Island sold for $40 million during the week of July 9, making it the priciest residential transaction on Palm and Hibiscus islands so far in 2026.

Ben Ling, founder of Miami Beach-based venture capital firm Bling Capital, and his husband, Christopher Coudron, co-founder and chief technology officer of Hedge Labs, bought the 1.3-acre property at 145 and 149 Palm Ave. from homebuilder Pedro Adrian and his wife, Adria Adrian, according to The Real Deal. The couple already owns the neighboring mansion at 135 Palm Ave., which they purchased in September 2021 for $29.5 million.

Combined, the two properties give Ling and Coudron roughly 2 acres of contiguous waterfront on Palm Island and a total investment of $69.5 million.

The sale closed well below the original asking price. The Adrians listed the estate in September at $59 million, reduced it to $47 million in January, and ultimately closed at $40 million.

"What they have is so special, it's worth more than they paid," Liz Hogan, the Compass agent who represented the buyers, told The Real Deal.

The property includes a cabana, pool, tennis court and 200 feet of water frontage. It abuts the bridge to Hibiscus Island, meaning Ling and Coudron will have neighbors only to the east. The Adrians had owned the double lot since the mid-1980s.

Chad Carroll and Jesus Adrian of the Chad Carroll Group at Compass held the listing. Hogan confirmed the buyers plan to create one large compound by combining the newly purchased lot with their existing 0.7-acre property at 135 Palm Ave.

Ling relocated Bling Capital from San Francisco to Miami Beach as part of an early wave of West Coast tech buyers. He has backed 19 billion-dollar companies, according to Bling's website, and previously held senior roles at Google, YouTube and Facebook. Coudron co-founded Hedge Labs in 2021 and is based in Miami Beach.

Carroll emphasized how rare opportunities like this are on the island. "Find waterfront assemblages of this scale in a top neighborhood," he told The Real Deal. "Every buyer we showed the property to was looking for a development site to build a large estate."