Sam Nazarian pays $14M for waterfront Coral Gables estate, plans to move from LA
Nazarian recently sold remaining stake in his hotel business
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.
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.
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.
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.