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

Price for contemporary manse breaks down to $1,036 per square foot

TRD MIAMI /
Apr.April 22, 2016 05:15 PM

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.


Related Articles

arrow_forward_ios
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
Luis Castillo, Eric Williams, Danny Finkle and 6701 Red Road

Whole Foods-anchored retail in Coral Gables sells for $47M

Whole Foods-anchored retail in Coral Gables sells for $47M
23 Tahiti Beach Island Road and 4965 Southwest 82nd Street

Cuban coffee mogul trades waterfront Tahiti Beach mansion for Ponce-Davis estate

Cuban coffee mogul trades waterfront Tahiti Beach mansion for Ponce-Davis estate
Chandler Joel Reedy, 300 Casuarina Concourse (Credit: Google Maps)

Private equity investor buys Gables Estates waterfront home

Private equity investor buys Gables Estates waterfront home
620 Arvida Parkway, Benjamin Leon Jr. and John H. Ruiz

Gables Estates mansion sells for $49M, marking second biggest home sale ever in Miami-Dade

Gables Estates mansion sells for $49M, marking second biggest home sale ever in Miami-Dade
Rendering of Villa Valencia and Rishi Kapoor

Coral Gables condo developer offers zero-interest down-payment loans

Coral Gables condo developer offers zero-interest down-payment loans
Pharrell Williams (Credit: Craig Barritt/Getty Images)

He must be happy: Pharrell buys $30M Coral Gables home

He must be happy: Pharrell buys $30M Coral Gables home
Rendering of the new store and Publix CEO Todd Jones

Publix pays $23M for site of new Coral Gables store

Publix pays $23M for site of new Coral Gables store
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...