The Real Deal Miami

FireEye founder wants to flip his Gables Estates lot for $24M, 60% more than in 2015

Facebook co-founder Alexandre Saverin sold the lot to Aziz for $15M in Sept. 2015
By Katherine Kallergis | April 17, 2017 02:45PM

Ashar Aziz and 8525 Old Cutler Road

Ashar Aziz and 8525 Old Cutler Road in Gables Estates

The billionaire founder of cybersecurity firm FireEye has listed his waterfront Gables Estate lot for $24 million, about 60 percent more than he paid less than two years ago.

Ashar Aziz put the property at 8925 Old Cutler Road on the market two days ago, according to The asking price breaks down to $157 per square foot. Aziz paid $15 million for the 3.5-acre plot of land in November 2015, which broke down to just under $100 per square foot.

Forbes estimates his net worth at a little more than $1 billion. As of 2014, Aziz owned nearly 11 million shares in FireEye, which he founded in 2004. Before that, he sold a data visualization company in 2002 to Sun Microsystems. FireEye stock was trading at $12.26 a share on Monday afternoon.

Trayor Lesnock of Platinum Venture Holdings is the listing agent for the Old Cutler Road lot, which has more than 430 feet of deep water dockage. Lesnock, who represented Aziz on his purchase in 2015, said the new asking price came from other significant sales for waterfront lots in Miami-Dade, as well as recent sales in the Gables Estates neighborhood.

Property records show Alexandre Saverin, a co-founder of Facebook and now portfolio manager of Kawa Capital Management, sold the land to Aziz in 2015. Lesnock said Aziz planned to develop the property into a “big family compound” but that his plans changed and he’ll continue to use a Coral Gables home he bought in 2013 for $5.3 million.

“He would like to see some type of return on his purchase. To what degree, we don’t know. We’re looking for the next Ashar Aziz and it’s hard to say” how much it will sell for, Lesnock said. “We’ve priced in the potential for some good desire and emotion for the next buyer.”

Recent deals in the gated community include the nearly $44 million sale of auto magnate Alan Potamkin former estate at 1 Casuarina Concourse in Coral Gables, which hit the market in 2015 for $67 million, and was later reduced.