Cisneros family sells Gables Estates teardown for $23M

Buyer plans to knock down the two-story mansion and build a new estate

Maurice Boschetti, Liz Hogan and 555 Leucadendra Drive
Maurice Boschetti, Liz Hogan and 555 Leucadendra Drive

The Cisneros family of Venezuela sold their Gables Estates property for $23 million, The Real Deal has learned.

555 Enterprises LLC, which is controlled by the Cisneros Corporation, sold the 3-acre property at 555 Leucadendra Drive, sources said. The buyer is unknown.

The third-generation family-owned company, with an office in Coral Gables, has its hands in a number of industries, including media, telecommunications, real estate and beer. The family owns Cervecería Regional, the second largest brewery in Venezuela, which ranked in the top 30 worldwide for its production. Brothers Eduardo, Andrés and Henrique Cisneros currently run the family business, according to Cisneros Corporation’s website.

Liz Hogan of Compass was the listing agent, and Maurice Boschetti of BH Realty represented the buyer. They declined to comment on the identities of the buyer and seller but confirmed that the deal closed on Thursday.

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Boschetti said the buyer plans to demolish the existing two-story, 10,220-square-foot mansion and build a new home. The corner lot has more than 750 feet of water frontage that fits up to a 150-foot yacht and currently includes a pool, tennis court and private beach

Records show the Cisneros LLC paid $17.2 million for the home in 2015. Former Serta International chairman and CEO E. Richard Yulman sold the property at the time.

Nearby, Miami technology billionaire Manny Medina recently listed his mansion at 555 Arvida Parkway. Medina was set to auction his home in June, but it’s still on the market, according to Zillow.

In May, the estate at 41 Arvida Parkway – once listed for $68 million – sold at auction for $25.5 million.