Former Governor Jeb Bush sells Coral Gables home at a loss

By Alexander Britell | June 11, 2012 04:30PM

629 Altara Avenue

The Coral Gables home of former Florida Governor Jeb Bush has been sold for $775,000 — $25,000 less than what he paid for it four years ago. The politician and presidential kin purchased the 84-year-old, four-bedroom, two-bathroom home, located at 629 Altara Avenue, in 2008.

He has since purchased another home in Coral Gables, where he continues to reside, according to listing broker Lani Kahn Drody of Lowell International Realty, who represented Bush in the transaction.

And according to public records, Bush paid $1.3 million for a home at 651 Almeria Avenue in Coral Gables, in August 2011.

The Altara Avenue property has seen a decline in value since 2008.It’s current assessed value is $428,904, data from the Miami-Dade County Property Appraiser’s office shows.

“Especially with these old, historic homes in an improving market, the appraised values are going to lag behind,” Drody told The Real Deal. “So we’re seeing a lot of homes selling for over the appraised value.”

Drody listed the home in February; it sold in 63 days, she said.

RE/MAX’s Javier Gonzalez, who represented the undisclosed buyer, could not be reached for comment.

Bush, who has endorsed fellow Republican Mitt Romney for president, served as Florida’s governor from 1999 to 2007. He spent a number of years working with Miami-based real estate developer Armando Codina before entering politics.