Sam Nazarian pays $14M for waterfront Coral Gables estate, plans to move from LA

Nazarian recently sold remaining stake in his hotel business

Miami /
Dec.December 11, 2020 12:30 PM
Sam Nazarian with 8815 Arvida Drive (Getty, REWS Miami - David Hernandez)

Sam Nazarian with 8815 Arvida Drive (Getty, REWS Miami – David Hernandez)

SBE founder Sam Nazarian closed on a waterfront mansion in Coral Gables for $14 million, with plans to relocate from Los Angeles, The Real Deal has learned.

Nazarian, who recently sold his remaining 50-percent stake in SBE Entertainment’s hotel brands, acquired the six-bedroom, eight-and-a-half-bathroom estate at 8815 Arvida Drive in Coral Gables, according to sources. Nazarian declined to comment.

The 9,694-square-foot Palladian-style home, with a home theater, master suite, covered terraces and cabana, sits on a 1.2-acre lot in the gated Gables Estates community. The property features a four-car garage, summer kitchen and pool, according to the listing.

Audrey Ross

Audrey Ross

Compass broker Audrey Ross represented the seller. Brett Harris of Douglas Elliman and Jorge Uribe of One Sotheby’s International Realty represented the buyer. Ross and Uribe declined to comment.

Harris said Nazarian had looked at properties for years, from Palm Beach to Coral Gables, and that he plans to relocate from L.A.

“Ultimately, the privacy and security of Gables Estates resonated with the family, in addition to being in close proximity to the best schools in Miami,” Harris said.

Jorge Uribe

Jorge Uribe

Property records show the seller is Steven C. Marks, who has the same name as a prominent personal injury attorney. Marks paid $4.5 million for the property in 2014, and the mansion was completed in 2017. It hit the market three years ago for $15.9 million.

Nazarian sold his remaining stake in his company’s hotel brands to the French hospitality company Accor, telling TRD that he was increasing his ownership of SBE’s restaurant and virtual kitchens. The deal valued all the lines of the business at $850 million. In South Florida, that gave Accor full ownership of the Delano South Beach. It then sold the Delano real estate to Greenwich, Connecticut-based Eldridge, for an undisclosed amount.

Brett Harris

Brett Harris

Since Pharrell paid $30 million for his Gables Estates home in March, a number of closings have followed. Most recently, longtime cruise line executive Howard Frank sold his Gables Estates mansion at 500 Arvida Parkway for $20 million. The head of Columbus Capital Lending also sold his waterfront home at 150 Arvida Parkway for $33 million.






    Related Articles

    arrow_forward_ios
    Corey Dickerson, Mike Piazza and Derek Jeter with the Miami baseball stadium (Getty)
    South Florida by the numbers: Play ball
    South Florida by the numbers: Play ball
    The Coral Gables office building (United Dream Real Estate, Getty)
    Dental clinic buys distressed Coral Gables office building for $7M
    Dental clinic buys distressed Coral Gables office building for $7M
    Stephen Bittel of Terranova and 300 Miracle Mile 
    Stephen Bittel’s Terranova buys corner property on Miracle Mile in Coral Gables
    Stephen Bittel’s Terranova buys corner property on Miracle Mile in Coral Gables
    4884 Southwest 88th Street, Coral Gables with Nyssa and William Kourakos (Google Maps, Getty)
    Quirch Foods owner sells Coral Gables home for $6M
    Quirch Foods owner sells Coral Gables home for $6M
    Marc Anthony and the Coral Gables estate. (Getty, Nexxos Realty via Compass)
    Buyer revealed: Tiger Global honcho is purchaser of Marc Anthony’s former estate
    Buyer revealed: Tiger Global honcho is purchaser of Marc Anthony’s former estate
    The Coral Gables property (Compass / One Sotheby's)
    Wealth manager buys waterfront Coral Gables mansion for $15M
    Wealth manager buys waterfront Coral Gables mansion for $15M
    Jose Mas with 100 Arvida Parkway and Armando Codina with 70 Casuarina Concourse (MasTec, Game Properties, Codina Partners)
    In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
    In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
    The six-bedroom Coral Gables house. (Compass / Zignavisual Photography, Del Toro Insurance)
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables 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...