The $5.4 million purchase of six lots along Miami's Grand Avenue is the latest development for a storied stretch that's been mired in lawsuits, including a bankruptcy filing, and is home to dilapidated buildings and vacant parcels.

Two well-heeled investors are the buyers behind a company that bought the Coconut Grove lots in a bankruptcy sale, according to attorneys familiar with the transaction.

The buyers are William Berkley, executive chairman of Connecticut-based insurance holding company W.R. Berkley Corp., and Bruce Berkowitz, the founder and chief investment officer of Miami-based mutual fund Fairholme Capital Management LLC.