Miami Heat coach Erik Spoelstra flips Coconut Grove house, upgrades to a waterfront home

Miami /
Feb.February 07, 2017 06:00 PM

Miami Heat head coach Erik Spoelstra has flipped his Coconut Grove house at a slight loss, and upgraded to a house on the water. 

In May, Spoelstra paid $2.6 million for the five-bedroom home at 3720 Poinciana Avenue. He listed it in January for $2.7 million, hoping to make a profit, but sold it for $2.475 million, according to Brown Harris Stevens Avatar.

Avatar’s Nelson Garcia Jr. represented the buyer, and EWM Realty International agent Riley Smith represented Spoelstra, according to the listing. Garcia told The Real Deal that Spoelstra sold the home because he upgraded to a waterfront property, but declined to say where. Smith could not immediately be reached for comment.

The sale marks a $125,000 loss for the NBA coach, who bought the house ahead of his July wedding to his longtime girlfriend and former Miami Heat dancer Nikki Sapp. He’s not the first member of the Heat family to upgrade their living arrangements in recent months. In August, Tyler Johnson paid $4.85 million for a home in Pinecrest and Hassan Whiteside paid $7.3 million for a waterfront Miami Beach house.

Built in 1937, the Coconut Grove home sits on a 32,706-square-foot lot with tropical landscaping and a canopy of oak trees. It was recently renovated and features high-end appliances, vaulted wood ceilings, a gourmet kitchen, pool, and a cottage suite with its own kitchen.

Gabco Holdings is the buyer, Garcia said. State records show the LLC is controlled by William and Virginia Tackus of Wimauma, Florida. The sale closed on Friday and has not yet been been uploaded to Miami-Dade County records.


Related Articles

arrow_forward_ios
Corcoran’s Julian Johnston, Luxe Living Realty’s Dora Puig, One Sotheby’s’ Jeff Miller, Douglas Elliman’s Dina Goldentayer and Douglas Elliman’s Oren Alexander
WATCH: Top luxury brokers go head to head at TRD’s Miami event
WATCH: Top luxury brokers go head to head at TRD’s Miami event
Major Food Group to open Sadelle’s in Coconut Grove
Major Food Group to open Sadelle’s in Coconut Grove
Major Food Group to open Sadelle’s in Coconut Grove
The Real Deal's Katherine Kallergis with Corcoran's Julian Johnston, Luxe Living Realty's Dora Puig, One Sotheby's' Jeff Miller, Douglas Elliman's Dina Goldentayer and Douglas Elliman's Oren Alexander
Top South Florida luxury brokers spar at TRD Miami event over how they land deals
Top South Florida luxury brokers spar at TRD Miami event over how they land deals
Jared Galbut, Keith Menin buy Coconut Grove building from Federal Realty
Jared Galbut, Keith Menin buy Coconut Grove building from Federal Realty
Jared Galbut, Keith Menin buy Coconut Grove building from Federal Realty
Location Ventures launches sales of co-living project in Miami Beach
Location Ventures launches sales of co-living project in Miami Beach
Location Ventures launches sales of co-living project in Miami Beach
Chris Bosh and the property (Getty, The Waterfront Team)
Chris Bosh’s former waterfront Miami Beach mansion hits the market for $42M
Chris Bosh’s former waterfront Miami Beach mansion hits the market for $42M
Heath Freeman, managing director of Alden Global Capital, and the house at 3503 Lodge Drive in Coconut Grove, Miami (Getty, Compass / Brown Harris Stevens)
“Hedge fund vampire” bites into waterfront Coconut Grove mansion for $19M
“Hedge fund vampire” bites into waterfront Coconut Grove mansion for $19M
RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza
RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza
RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza
arrow_forward_ios

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

Loading...