The Real Deal Miami

Panamanian corp. pays $16.5M for Sergio Pino’s former Gables manse

Price for contemporary manse breaks down to $1,036 per square foot
By Sean Stewart-Muniz | April 22, 2016 05:15PM

325 Leucadendra Drive

325 Leucadendra Drive

A Panamanian corporation just paid $16.5 million for the former Coral Gables mansion of developer Sergio Pino.

County records show a company called Pinochetto Corp. bought the massive home at 325 Leucadendra Drive through a deed recorded Friday. The company shares an address with Panamanian firm Trident Trust, which offers corporate services for financial institutions and high-net-worth individuals.

The nine-bedroom, 11-bathroom home, which Pino built on 1.3 acres of waterfront land in 2013, was last purchased by a company called 325 Leucadendra for $8 million in 2014. The buyer was managed by Claudia Andrade DeSouza, according to county records.

Some of its features include high ceilings, impact-resistant windows, smart-home systems, and contemporary interior finishes.

Measuring 15,920 square feet, the home’s most recent sale breaks down to about $1,036 per foot. Dennis V Carvajal of One Sotheby’s International Realty represented the seller for this deal.

Shell companies, especially from Panama, have come under intense global scrutiny after the recent publishing of the “Panama Papers,” a massive data leak from Panamanian law firm Mossack Fonseca, which set up dummy corporations for some of the world’s most influential people to hide their cash.

In Miami, such companies are frequently used by buyers of high-end real estate who wish to remain anonymous.