The Real Deal Miami

Tech billionaire buys waterfront lot in Coral Gables for $15M

Vacant lot last sold for last sold for $10M in 2012

November 30, 2015 09:45AM
By Katherine Kallergis

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Ashar Aziz and 8525 Old Cutler Road

Ashar Aziz and 8525 Old Cutler Road in Gables Estates

Billionaire engineer Ashar Aziz has purchased a 3.5-acre waterfront lot in Gables Estates for $15 million, or $98 per square foot.

Miami-Dade County records show that Aziz, founder and vice chairman of the cybersecurity firm FireEye, purchased the property at 8525 Old Cutler Road in Coral Gables. An LLC tied to Aventura-based Kawa Capital Management is the seller.

As of last year, Aziz owned nearly 11 million shares in FireEye, which he founded in 2004. Before that, he sold a data visualization company in 2002 to Sun Microsystems. Forbes estimates his net worth at a little more than $1 billion. As of Friday, FireEye stock was trading at $23.59 a share.

The 152,932-square-foot property hit the market in October for $16 million, according to Judy Zeder of EWM was the listing agent. The vacant lot sold in 2012 for $10.05 million, Miami-Dade property records show.

Aziz joins other billionaires in the gated waterfront community, such as Mike Fernandez, who owns 6.6 acres at 1 Arvida Parkway. In March, former Serta International CEO E. Richard Yulman sold his Gables Estates home sold for $17.2 million.

The seller, Kawa Capital Management, is an independent asset management firm with more than $656 million in assets under management. Co-founder Alexandre Saverin signed the deed transfer of ownership.

Aziz also owns the 7,400-square-foot home at 590 Reinante Avenue in Coral Gables. He paid $5.3 million for that residence in 2013, property records show.