(NBC) — The South Florida Condominium that collapsed last June, killing 98 people, has been sold to a developer from Dubai for $120 million.

Hussain Sajwani, the owner of Damac Properties, was the lone bidder for Champlain Towers South in Surfside, Florida.

The auction for the 1.8-acre property was scheduled for this Tuesday and bids were to be submitted before 5 p.m. on Friday.

Michael Fay, of Avison Young, confirmed that Sajwani bid $120 million for the site and put up a $50 million deposit.

Fay said a formal motion acceptance will take place in court to finalize the sale on Monday or Tuesday.

Earlier this month, the families of the victims reached a $997 million settlement with local officials, the developers of an adjacent building and others whom they hold responsible for the condo collapse.