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

It hit the market in 2018 for nearly $30M

Miami /
Jul.July 23, 2020 04:35 PM
90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez - REWS, Getty)

90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez – REWS, Getty)

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 [email protected]


Related Articles

arrow_forward_ios
Arnaud Karsenti and 5485 Hammock Drive, Coral Gables (Google Maps)
Arnaud Karsenti sells lakefront Coral Gables home for $9M
Arnaud Karsenti sells lakefront Coral Gables home for $9M
Ubiica's Alejandro Salazar (left) and Rodrigo Gana with an aerial of the project site (Eddy Davis)
Ubiica, Maven plan multifamily project in Coral Gables
Ubiica, Maven plan multifamily project in Coral Gables
4 Tahiti Beach Island Road, Coral Gables (The Carroll Group with Compass)
Former investment banker spends record $29M for Tahiti Beach estate
Former investment banker spends record $29M for Tahiti Beach estate
Don and Katrina Peebles with their recently purchased Bath Club unit. (Getty, ONE Sotheby’s International Realty)
Don Peebles buys unit at the Bath Club, finds buyer for Coral Gables estate
Don Peebles buys unit at the Bath Club, finds buyer for Coral Gables estate
From left: Coral Gables police headquarters at 2801 Salzedo Street, Codina Partners chairman Armando Codina and a view of the new Gables PD building at 2151 Salzedo Street (Google Maps, Codina)
Codina Partners’ plan for Coral Gables rental tower advances with three-way property swap
Codina Partners’ plan for Coral Gables rental tower advances with three-way property swap
Jeff Conry and 6312 Riviera Drive, Coral Gables (Google Maps)
Charter airline exec lands big profit on mansion flip
Charter airline exec lands big profit on mansion flip
Matthias Krull (Linkedin, iStock, US District Court - Sourthern District of Florida/Illustration by Alexis Manrodt for The Real Deal)
Swiss banker’s sentence slashed in alleged $1B Venezuelan money laundering scheme
Swiss banker’s sentence slashed in alleged $1B Venezuelan money laundering scheme
JRJ Group Founding Partner Roger Nagioff with his new property. (JRJ Group, Loweth Luxury Properties)
Private equity titan buys lakefront Coral Gables home for $6M
Private equity titan buys lakefront Coral Gables home for $6M
arrow_forward_ios

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

Loading...