Coral Gables Waterfront Estate Asks Record $55 Million

Coral Gables Waterfront Estate Asks Record $55 Million

Friday, February 08, 2019

Owned by a landscaping entrepreneur, the property in Florida’s Gables Estates would set a city record if it sells for its asking price. Prospective owners have to pay a non-refundable $100,000 application fee.

Originally published on June 15, 2018|The Wall Street Journal

A Coral Gables, Fla. estate is set to go on the market for $55 million.

If it sells for that price, the property would set the record for the priciest home ever sold in the city, according to appraiser Jonathan Miller. The record price for a Coral Gables home was set in 2017, when a home owned by Alan Potamkin of Miami-based Potamkin Companies, one of the largest automotive dealer groups in the country, sold for $43.7 million, property records show.

The $55 million home is located in a members-only gated community known as Gables Estates Club, according to the listing agent, Dennis Carvajal of One Sotheby’s International Realty. Prospective owners must pay a nonrefundable fee of $100,000 to apply, according to Mr. Carvajal and a community spokeswoman. Owners go through rigorous background checks, and security guards patrol the area by sea and by land 24 hours a day, the spokeswoman said.

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Mr. Carvajal described the home’s style as Mediterranean meets neoclassical. Overlooking a waterway leading to Biscayne Bay, the estate sits on roughly 2.4 acres and totals about 16,198 square feet, with six bedrooms and 10 bathrooms in the main house. The living room has a double-height ceiling with 2 stories of arched windows.

Amenities include a movie theater, dockage for a 90-foot yacht, a four-car garage, an outdoor pool with ornate statues, a game room and two guesthouses, Mr. Carvajal said. One of the guesthouses is joined to the main home by a covered loggia, while another is in a separate structure. Millions was spent on landscaping, which includes over 600 different species of palms, trees, plants and flora.

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The listing is owned by Manuel Diaz, founder of Manuel Diaz Farms, a landscaping services business. He bought the site on which the property sits for about $6.4 million in 2003, property records show. He wasn’t available for comment.

Mr. Carvajal said his client is selling because his children have grown and the home is simply too large. “It’s something they’ve enjoyed for 10 years but the reality is that it’s a bigger home than they need,” he said.

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