A home on the former Paloma Picasso estate in Coconut Grove has just sold for $8.65 million, The Real Deal has learned.
The estate is located in The Moorings, a private neighborhood in the Grove that’s defined by two streets: South Moorings Way and North Moorings Way.
The site is currently occupied by a pair of homes that were built after the estate was split in two and sold off. Both were built within a year of each other, around 2008, and both have since been re-sold by their owners.
The $8.65 million closing of 3305 South Moorings Way is the most recent sale. It was sold to a family from the Midwest. The canal-front home measures 12,702 square feet, has seven bedrooms and seven-and-a-half bathrooms.
The sale marks the second most expensive in the neighborhood, while the neighboring bayfront lot at 3301 South Moorings Way takes the top spot with its $10.13 million closing in 2010.
Toni Schrager, of Avatar Real Estate Services, had the listing for both 3305 and its neighbor 3301.
She said the homes have Moorish influences, with wide arches, imported tiles and all-white exteriors.
“Some of my favorite homes in Miami are the old 1920s homes,” Schrager told TRD. “This home felt like a 1920’s home, except it’s brand new. It was built five years ago (sic), which is even better because you have everything updated.”
Paloma Picasso and her husband at the time, Rafael Cambil-Lopez, purchased an acre lot in The Moorings for $2.5 million in 1992, according to Miami-Dade County property records.
Picasso, a fashion and jewelry designer and the daughter of famed artist Pablo Picasso, transferred ownership of the property solely to Lopez in 1995.
The two divorced in 1998, and in 2004, Lopez split the estate in half and sold both pieces to a pair of friends. The non-bayfront lot, at 3305, was sold to a Miami-based lawyer for $1.95 million. The bayfront lot, at 3301, was sold to Gerald Kelfer, the former president of Avatar Properties, according to county records.
Schrager said both wanted to downsize from their homes, as the two families’ children had moved away.