Former CEO of Venezuela’s Banesco pays $8M for Coral Gables spec manse

Former hedge funder Chad Loweth built and sold the waterfront home

Aug.August 02, 2017 05:35 PM

480 Solano Prado and Miguel Angel Marcano

The former head of one of Venezuela’s largest banks paid $7.75 million for a waterfront spec mansion in Coral Gables, property records show.

Miguel Angel Marcano, who was formerly CEO and remains on Banesco’s board of directors, bought the house at 480 Solano Prado under MAM Group Real Estate LLC, according to public records. Marcano purchased the home from Chad Loweth, a former hedge funder turned spec home developer.

The seven-bedroom, 7,786-square-foot mansion hit the market in March 2016 for $9 million with Douglas Elliman’s Hilda Jacobson and Sabriane Brandao. It sits on a half-acre lot with 140 feet of water frontage, a pool and dock, and features a summer kitchen, outdoor shower, a wine cellar, wet bar and marble and wood floors, according to Elliman.

“We tested the market, did price reductions,” Jacobson said. “Last year was not a remarkable year for luxury.” After reducing the price to just under $8 million, the listing agents received multiple offers.

Venezuelans’ interest in Miami real estate remains strong amid political chaos and social unrest in their home country. Investors from Venezuela led foreign purchases of residential real estate in South Florida last year, according to the Miami Association of Realtors.

Jacobson declined to identify the buyer. Grehyni Narvaez of Avanti Way represented Marcano’s company, according to Redfin. Narvaez could not immediately be reached for comment.

Property records show Loweth purchased the land for $2.4 million in 2013. The developer is now working on two spec homes in Cutler Bay that he will be putting on the market soon, according to Jacobson.

The Solano Prado property traded hands for $995 per square foot. Less than a mile away, the home at 9151 Arvida Lane sold in 2015 for $12.6 million, or nearly $700 per square foot. Earlier this year, former Carnival Cruise Lines CEO Bob Dickinson and his ex-wife Jodi sold their waterfront Coral Gables home at 29 Tahiti Beach Island Road for $5 million, or $425 per square foot.

Related Articles

1515 Sunset Drive and Facundo Bacardi

Bacardi-owned company sues construction firm for defects and delays at Coral Gables office development

Paseo de la Riviera and Industrious CEO Jamie Hodari  

Industrious to open at Paseo de la Riviera in Coral Gables

999 Ponce and Benjamin H. Silver  

Downtown Coral Gables office building asks $40M

500 Marquesa Drive (Credit: Realtor)

Former hedge funder sells waterfront home in Coral Gables for $8M

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Julian Johnston, Julian Cohen and the property

Spec home developer Felix Cohen buys two vacant lots on North Bay Road for $14M

Manny Machado and Chad Carroll with 20 Tahiti Beach Island Road (Credit: Getty Images and Douglas Elliman)

Buyer revealed: Baseball player Manny Machado buys Tahiti Beach Island manse

5712 North Bay Road and Rodney O’Neal (Credit: Realtor and Getty Images)

Spec home builders sell North Bay Road mansion for $16M