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

Chad Loweth was the co-founder of Diamondback Capital

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.

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