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 Cornide and Alex Hanna (LinkedIn, Alex Hanna Law, Google Maps)

Attorney Alex Hanna buys Coral Gables home for nearly $9M

Attorney Alex Hanna buys Coral Gables home for nearly $9M
Marc Anthony and 300 Costanera Road (Getty, Mint Studios Miami)

Marc Anthony lists waterfront Coral Gables mansion for $27M

Marc Anthony lists waterfront Coral Gables mansion for $27M
8950 Arvida Drive with Andre Hakkak and Marissa Shipman (One Sotheby's, White Oak, The Balm)

Financier and cosmetics CEO buy Gables Estates mansion for $14M

Financier and cosmetics CEO buy Gables Estates mansion for $14M
Javier Lopez and 2525 Ponce de Leon Boulevard, Coral Gables (Credit: Google Maps)

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic
Henry Torres, Roza Radkiewicz and Merrick Manor

Henry Torres and Astor Companies allegedly owe broker $1M-plus commission: lawsuit

Henry Torres and Astor Companies allegedly owe broker $1M-plus commission: lawsuit
Ron Shuffield and Alirio Torrealba with a rendering of Biltmore Row (EWM, Twitter/MG)

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables
Yonder Alonso and 7263 Southwest 53rd Court (Getty)

Baseball player Yonder Alonso sells Coral Gables home

Baseball player Yonder Alonso sells Coral Gables home
Bahram Akradi and model apartments at the Coral Gables development (Getty, Life Time) 

Life Time launches preleasing of $500M Coral Gables mixed-use multifamily project

Life Time launches preleasing of $500M Coral Gables mixed-use multifamily project
arrow_forward_ios

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

Loading...