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
MG Developer's Alirio Torrealba and rendering of Merrick Parc (MG Developer)
MG plans $204M luxury apartment project near Coconut Grove
MG plans $204M luxury apartment project near Coconut Grove
Shoma's Masoud Shojaee and Stephanie Shojaee with 3650 Bird Road (Shoma Group, Google Maps)
Shoma pays $34M for Miami apartment towers dev site
Shoma pays $34M for Miami apartment towers dev site
University of Miami’s Mario Cristobal with 8230 Southwest 53rd Avenue (Getty, Zillow, Illustration by Shea Monahan for the Real Deal)
Touchdown: University of Miami coach buys flipped mansion near Coral Gables
Touchdown: University of Miami coach buys flipped mansion near Coral Gables
Jennifer Goldstein and Cristy Rice with 4835 Southwest 82nd Street (The Alexander Team, Getty, Google Maps)
Former Real Housewife Cristy Rice sells Miami home to Elliman agent
Former Real Housewife Cristy Rice sells Miami home to Elliman agent
8565 Old Cutler Road in Coral Gables (Redfin, iStock)
Once UM’s presidential mansion, now a teardown: Coral Gables estate sells for $38M
Once UM’s presidential mansion, now a teardown: Coral Gables estate sells for $38M
1902 Southwest 22nd Street in Miami and Carlos Ramon Polit Faggioni (Google Maps, Getty)
Feds seek seizure of Coral Gables condo, Miami offices tied to alleged Odebrecht bribery scheme
Feds seek seizure of Coral Gables condo, Miami offices tied to alleged Odebrecht bribery scheme
Michael Dorrell, co-founder and CEO, Stonepeak Infrastructure Partners, in front of 235 Solano Prado in Coral Gables (The Jill Zeder Group, LinkedIn/Michael Dorrell)
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
Former Miami Heat's Justise Winslow with 506 Sunset Drive (Getty, iStock)
Former Miami Heat player sells Coral Gables home to cigar moguls
Former Miami Heat player sells Coral Gables home to cigar moguls
arrow_forward_ios

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

Loading...