Private equity exec, fashion designer pay $22M for Gables Estates mansion

A private equity executive and a fashion designer paid $22 million for a waterfront mansion in Gables Estates.

Lee Scott Millstein, president of Cerberus Global Investments and global head of real estate; and Sylvie Millstein, a fashion designer, closed on the nine-bedroom, 10,346-square-foot home at 90 Leucadendra Drive in Coral Gables.

It traded for $2,126 per square foot, said listing agent Michael Martinez of One Sotheby’s International Realty. Martinez co-listed the property with Adriana De Castro, one of the sellers, according to property records.

Angel Nicolas and Seth Feuer of Compass represented the buyers. Feuer said the buyers are relocating from New York.

Cerberus Capital Management, an alternative investment management company, has about $45 billion in assets, according to its website. Millstein leads the real estate business, which invests in commercial and residential properties, as well as in real estate operating companies and servicing platforms, according to his bio. Sylvie Millstein founded the fashion brand Hellessy.

The property was most recently listed for $27.9 million. It features 255 feet of water frontage with a 160-foot dock, a master suite that overlooks the water, a home theater, game room with a wet bar and wine cellar, pool, rooftop deck and outdoor entertainment area, according to the listing. The Balinese-style home, built in 2018, was designed by architect Ramon Pacheco.

The property last sold for $6.85 million in 2014, before it was developed. It hit the market in 2018 for $29.9 million. That means it sold for a 26 percent discount off the original asking price.

A few homes in the gated Gables Estates neighborhood have sold during the pandemic. Most recently, the federal government sold the former home of an alleged frontman for a narco trafficker for $12.25 million.

In April, Leon Medical Centers founder Benjamin Leon Jr. sold a waterfront mansion at 620 Arvida Parkway in Gables Estates for $49 million, and Pharrell Williams paid $30 million for the waterfront home at 700 Casuarina Concourse.

Write to Katherine Kallergis at kk@therealdeal.com