HES Group founder sells Miami Beach mansion for 35% price cut

Seven-bedroom mansion sold for $864 per square foot

Miami /
May.May 07, 2020 08:45 AM
5711 Pine Tree Drive with Alessandro Saponaro and Dora Puig

5711 Pine Tree Drive with Alessandro Saponaro and Dora Puig

HES Group’s managing partner and founder, Francisco Arocha, sold a waterfront home on Pine Tree Drive in Miami Beach for $7 million, a 35 percent discount off the asking price.

Arocha’s 5711 Miami Beach LLC sold the seven-bedroom, 8,101-square-foot mansion at 5711 Pine Tree Drive, according to property records and the agents involved in the sale. The price breaks down to $864 per square foot.

The house was built in 2017. It hit the market in January 2019 for $10.9 million.

Dora Puig of Luxe Living Realty represented the seller, while Alessandro Saponaro of SAPP Group brought the buyer. The agents declined to comment on the identities of the buyer and seller. The deed has not yet been recorded.

Saponaro said his client had made an offer prior to the coronavirus pandemic, and that the seller reconsidered it after President Trump suspended travel from Europe into the U.S., propelling the stock market into a downward spiral.

Property records show the Arocha-led LLC paid $2.44 million for the property in 2010. It features a pool and dock.

In March, Anthony Kennedy Shriver and Alina Shriver sold their waterfront home nearby at 5821 Pine Tree Drive for $8.15 million, marking a 25 percent discount off the original asking price from last year.

HES Group, a Miami-based hotel management company, manages hotels in Miami, Venezuela and the Dominican Republic, according to its website. About two years ago, HES Group refinanced the site of Triptych, a planned mixed-use hotel across from Midtown Miami Shops, and bought out its former partner, JQ Group of Companies.


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