Hedge funder buys Coral Gables lot for $18M

Ashar Aziz originally listed the lot for $24M in 2017

Miami /
Jan.January 13, 2021 02:30 PM
Ashar Aziz with an aerial of 8525 Old Cutler Road in Coral Gables (LinkedIn; Google Maps)

Ashar Aziz with an aerial of 8525 Old Cutler Road in Coral Gables (LinkedIn; Google Maps)

Pakistani-American multimillionaire Ashar Aziz sold a waterfront home lot in Gables Estates for $18 million, $6 million off its original asking price.

Records show Aziz sold the lot at 8525 Old Cutler Road in Coral Gables to Patrick and Kristen McMahon.

Kristen and Patrick McMahon (Getty)

Kristen and Patrick McMahon (Getty)

Patrick McMahon is the co-founder and chief investment officer of New York-based hedge fund MKP Capital Management, founded in 1995.

Aziz amassed his wealth with the cybersecurity firm FireEye, which he founded in 2004. His net worth was estimated at over $1 billion in 2014, a year after he bought the land, but Wallmine.com estimated his net worth at $334 million as of 2015.

Aziz paid $15 million for the 3.5-acre property in November 2015. He listed the plot for $24 million in April 2017. John Sandberg and Ann Nortmann of Douglas Elliman represented both sides of the deal. A spokesperson for Elliman declined to comment on the sale.

Sales in the gated Gables Estates community were plentiful in 2020. In December, SBE founder Sam Nazarian purchased a waterfront mansion for $14 million and cruise line chairman Howard Frank bought a mansion for $20 million in October.






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