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

Sale marks a $125,000 loss for the NBA coach

Feb.February 07, 2017 06:00 PM

3720 Poinciana Avenue. Inset: Erik Spoelstra (Credit: Getty Images)

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.

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