The Real Deal Miami

Insurance mogul Nicolas Estrella lists Key Biscayne home
for $40M

Estrella's three-story mansion hit the market for about $2,670 psf
By Katherine Kallergis | April 17, 2017 01:30PM

3 Harbor Point

Updated, 10:20 a.m., April 18: Maybe the insurance premium was too high?

Estrella Insurance founder and millionaire Nicolas Estrella listed his Key Biscayne estate for $40 million, marking the fourth most expensive home for sale in Miami-Dade County.

Property records show Estrella owns the nearly 15,000-square-foot home at 3 Harbor Point. It hit the market last week, according to Realtor.com. The three-story mansion sits on 34,000 square feet, including a lot and marina across the road. The house also fronts the bay with a lap pool, gym, sauna and steam room, a pool room, bar and cigar room, wine cellar, a three-car garage and a guest apartment, according to the listing. It was built in 1989.

William Earle of Three Bridges Realty LLC is listing the Harbor Point home. Earle said Estrella has owned the property since 1995.

Estrella founded his eponymous insurance company in 1980 and now has more than 100 locations. In 2012, he gave up on a $3 million insurance claim he filed for the loss of his yacht, which he kept at the Key Biscayne property. His former boat captain and two friends of the captain were accused of stealing the yacht and sinking it in a trench off the Bahamas – allegedly at the request of Estrella – the Miami Herald reported.

About a year ago, Estrella’s son, CEO Nicolas Estrella Jr. bought a Key Biscayne home at 940 Mariner Drive for $5 million.

Nearby, it was recently revealed that Evan Metropoulos, the son of Hostess investor C. Dean Metropoulos, was the mystery buyer of the Key Biscayne estate on South Mashta Drive. A company tied to Metropoulos paid a combined $58.9 million for the adjacent homes at 775 and 755 South Mashta Drive in between the end of 2015 and February of last year.

Curbed first reported the listing of 3 Harbor Point.

An earlier version of this story incorrectly identified a previous owner of the property as Finlay Matheson of the Matheson family. Matheson did not own the home, Earle said.