The Real Deal Miami

U.S. government gets $1.2M in auction of historic Coral Gables home

December 12, 2011 01:19PM

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1248 Coral Way
A historic Coral Gables home, willed to the federal government in one man’s apparent effort to help reduce the national debt, netted $1.175 million at an auction Saturday, the Miami Herald reported.

The 82-year-old home, at 1248 Coral Way, belonged to James Davidson, Jr. for more than 70 years, but he left it for the government when he died last December. The Historic Preservation Board of Coral Gables landmarked it in November. It has 3,900 square feet, six bedrooms and five bathrooms and it was auctioned off through the National Auction Company.

The buyer was Barbara Perez, who along with her husband and another couple, plan to pour $1 million into renovating the home to restore its 1920s aspects, while adding some modern amenities. [Miami Herald]