Miami insurance mogul buys Key Biscayne home for $5M

Insurance tycoon Nicolas Estrella Jr. and his wife Natalie paid about $5 million, or $1,130 per square foot, for a waterfront home in Key Biscayne, records show.

Estrella, CEO of Estrella Insurance and son of millionaire founder Nicolas Estrella, bought the four-bedroom, six-bathroom home at 940 Mariner Drive. The 15,068-square-foot property includes a canal-front pool, a new 30-foot dock with two shore power locations and a 122-foot sea wall, according to the listing.

It hit the market at $6.3 million in February 2015 and was reduced to $5.95 million in September. The two-story, 4,440-square-foot Key Biscayne house was designed by architect Ramon Pacheco and renovated in 2013 to include a granite kitchen, new appliances, flooring and new bathrooms.

The seller was Patricia L. Woodson, who owned the property with her former husband Vitor Weinman. Property records show Weinman paid $1.2 million for the waterfront home in 1994 and transferred ownership to Woodson in 2010.

The Estrellas financed the sale with a $2.125 million mortgage. The couple also own a 3,775-square-foot home nearby at 472 Warren Lane. That property includes a pool, three bedrooms and four bathrooms. They paid $1.5 million for the house in 2011.

Key Biscayne is home to a number of wealthy families. In December, the former Matheson estate at 775 South Mashta Drive sold for $47 million, marking the most expensive residential sale in Key Biscayne’s history, and the second most expensive residential sale in 2015.