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

Chad Loweth was the co-founder of Diamondback Capital

Miami /
Oct.October 11, 2019 11:45 AM
500 Marquesa Drive (Credit: Realtor)

500 Marquesa Drive (Credit: Realtor)

Former hedge funder Chad Loweth sold a waterfront home in Coral Gables’s Old Cutler Bay neighborhood for $8.1 million.

Loweth sold the 6,471-square-foot house at 500 Marquesa Drive for $1,251 per square foot, records show. Nancy Lee Smith and Omar Recep Dennis bought the property. The deal likely represents one of the most expensive sales in the Old Cutler Bay neighborhood.

The home features seven bedrooms and eight bathrooms and 140 feet of water frontage. Originally built in 1968, the house has been remodeled and includes a Mia Cucina kitchen, Wolf appliances, a glass encased wine cellar with a cooler and bar, according to Zillow.

The house sits on a 20,300-square-foot lot. The property last sold for $4.25 million in 2014, records show.

Loweth was the co-founder of the hedge fund Diamondback Capital, which at one point had $6 billion in assets under management. Loweth left Diamondback in 2010 and two years later the firm was investigated in an insider-trading probe. It shut down after investors withdrew $520 million, according to published reports. Loweth was not charged with any wrongdoing and now invests in real estate.

The buyer was represented by Melissa Jane Rubin and the seller was represented by Sabriane Brandao, according to Zillow.

The Old Cutler Bay neighborhood, tucked between Matheson Hammock Park and Gables Estates, has seen a few big sales and listings recently.

In November, Dan Hughes, a founding principal of the retail brokerage Metro Commercial, paid $10.4 million for a waterfront mansion at 9375 Balada Street in the Old Cutler Bay neighborhood.

In October, Juan and Velma Blazquez listed a six-bedroom, 8,804-square-foot home at 9400 Old Cutler Road for $6.2 million.


Related Articles

arrow_forward_ios
Jose Mas with 100 Arvida Parkway and Armando Codina with 70 Casuarina Concourse (MasTec, Game Properties, Codina Partners)
In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
The six-bedroom Coral Gables house. (Compass / Zignavisual Photography, Del Toro Insurance)
Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
Ubiica’s Alejandro Salazar and Rodrigo Gana with 1533 Sunset Drive. (Google Maps)
Ubiica, Maven buy Coral Gables office building, parking lot for $9M
Ubiica, Maven buy Coral Gables office building, parking lot for $9M
The Collection CEO Ken Gorin and developer Ugo Colombo. (Getty, Spring Engineering)
Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership
Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership
J. Michael Arrington with the property (Getty, James Irwin / ONE Sotheby’s International Realty)
TechCrunch founder buys waterfront Coral Gables home
TechCrunch founder buys waterfront Coral Gables home
Marc Anthony and 300 Costanera Road (Getty, Mint Studios Miami)
Marc Anthony sells waterfront Coral Gables estate for $22M
Marc Anthony sells waterfront Coral Gables estate for $22M
8325 Cheryl Lane, Miami
Hedge fund executive pays $12M for Coral Gables spec mansion
Hedge fund executive pays $12M for Coral Gables spec mansion
Arnaud Karsenti and 5485 Hammock Drive, Coral Gables (Google Maps)
Arnaud Karsenti sells lakefront Coral Gables home for $9M
Arnaud Karsenti sells lakefront Coral Gables home for $9M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...