The Real Deal Miami

Miami insurance mogul buys Key Biscayne home for $5M

Estrella is CEO of Estrella Insurance, a Miami-based full service insurance company
940 Mariner Drive in Key Biscayne (via YouTube)

940 Mariner Drive in Key Biscayne (via YouTube)

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.