Mexican casino owner buys Key Biscayne mansion

The waterfront property, which sold for $12M, has been on and off the market since 2012

260 Cape Florida Drive in Key Biscayne
260 Cape Florida Drive in Key Biscayne

A Mexican casino owner paid $12 million for a Key Biscayne mansion that has been on and off the market since 2012.

Rual Rocha Cantu, the majority owner of Royal Casino in Mexico, and his wife Leticia Rocha Cantu bought the 18,000-square-foot, nine-bedroom mansion at 260 Cape Florida Drive for more than $660 per square foot.

The couple financed the deal with a $7.8 million mortgage from Coral Gables-based Professional Bank, one of South Florida’s fastest growing community banks.

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The mansion sold at a nearly 37 percent discount off the $18.9 million ask in 2014. It was most recently on the market with for $13.9 million with Lourdes Alatriste of Engel & Völkers.

The seller is a Mexican hotel resort owner, Roberto Chapur, who founded the Palace Resorts brand in Mexico. Property records show Chapur paid $13 million for the property in 2005, which means he lost about $1 million on the sale.

The estate, built in 2004, features 346 feet of water frontage, a home theater, bar and a library.