Miami tech billionaire’s taking his Coral Gables estate to auction

Manny Medina sold Terremark to Verizon for $1.4B
By Katherine Kallergis | May 20, 2019 12:30PM

555 Arvida Parkway, Manny Medina and Audrey Ross (Credit: Concierge Auctions)

555 Arvida Parkway, Manny Medina and Audrey Ross (Credit: Concierge Auctions)

Miami technology billionaire Manny Medina is going straight to auction with his Gables Estates mansion.

Medina, whose property at 555 Arvida Parkway is listed for $17.5 million, plans to sell the 14,329-square-foot home in late June without a reserve, according to a release. Audrey Ross of Compass is the listing agent.

In 2011, Medina sold his company, Terremark, to Verizon Communications for $1.4 billion. He also started Cyxtera, a cyber security firm based in Miami, and is the founder and managing partner of Medina Capital. He is also is the founder and chairman of the board of eMerge Americas.

Medina’s Coral Gables home will be auctioned between June 21 and June 25. It features a boatlift and private dock for a 101-foot yacht, a 5,000-bottle wine room, a heated pool and outdoor kitchen, a chef’s kitchen, guest suite, gym, spa, billiards room and home office. Other features of the Palladian-style mansion include high ceilings, and stone, marble, tile and wood flooring.

Medina paid $7 million for the 1-acre property in 2013, records show. The home was built in 1990.

Frustrated with their long-lingering listings, an increasing number of high-end homeowners are opting to auction off their homes through auction houses.

The nearby mansion at 41 Arvida Parkway – once listed for $68 million – recently sold at auction for $25.5 million.