The Real Deal Miami

Coral Gables home sells at discount to hotel developer Karim Alibhai

April 01, 2013 01:00PM
By Zachary Kussin

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An exterior and interior shot of 400 Arvida Parkway

UPDATED, 2:40 p.m., Apr. 1: A sprawling seaside estate in Coral Gables has sold for $11.5 million to Karim Alibhai of Gencom Group, marking the most expensive single-family home sale year-to-date in Miami-Dade county, The Real Deal has learned. Alibhai helms Miami-based hotel and resort developer Gencom, which has built a number of projects under the Ritz-Carlton flag.

Toni Schrager, sister-in-law of hotelier Ian Schrager, and Saddy Delgado of Avatar Real Estate Services represented the sellers of 400 Arvida Parkway, according to a statement from Avatar. The team declined to comment on the buyer, but a source told TRD that Alibhai had nabbed the pricey digs, which are modeled after a French chateau.

But despite the hefty sum, Alibhai may have gotten quite a bargain. Schrager said the former owners spent around $17 million building the home, which they had not planned to sell.

She said most elements were brought in from Europe, such as barn wood from France, which was used to construct the ceilings, and that the high-end materials caused costs to pile up.

“That’s the problem when you highly stylize a house,” she said.

The 13,668-square-foot home has eight bedrooms, nine bathrooms, four half bathrooms and was listed for $15.9 million, according to the property’s website. The home also boasts a 180-foot seawall, bay views, an infinity pool, a wine cellar, an elevator and a gym.

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