The Real Deal Miami

Hedge fund mogul asks $9M for Coral Gables spec manse

Property asking $908 per foot boasts elevator, 140 feet of water frontage
By Sean Stewart-Muniz | March 15, 2016 03:45PM

The home at 480 Solano Prado in Coral Gables

The home at 480 Solano Prado in Coral Gables

Chad Loweth, a co-founder of hedge fund Diamondback Capital Management, is asking just under $9 million for a spec house in the ritzy Old Cutler subsection of Coral Gables.

The seven-bedroom, 9,796-square-foot home at 480 Solano Prado is asking about $908 per square foot. Situated on about half an acre, it boasts an elevator, floor-to-ceiling windows and has 140 feet of water frontage, according to a release from Douglas Elliman, whose agents Ysha Arteaga, Hilda Jacobson and Sabriane Brandao have the listing.

An 18,746-square-foot home less than a mile away at 9151 Arvida Lane sold last year for $12.6 million, or roughly $672 per square foot.

Loweth purchased the land for $2.4 million in 2013, county records show. He razed the property’s existing home and hired Jose Garcia of All-Go Construction Systems to build his new mansion.

Loweth left Diamondback in 2010 and switched to real estate investing. Diamondback closed down in 2012 on the heels of a federal insider-trading probe, though none of the founders were implicated in any wrongdoing.