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South Florida

Miami’s condo king to sell his Coconut Grove palace after moving to Park Grove

Pérez closed on a penthouse at Park Grove earlier this year

Jorge Pérez with his longtime Miami mansion (Getty, 1Oak)
Jorge Pérez with his longtime Miami mansion (Getty, 1Oak)

The condo king is ready to part with his longtime palace.

Related Group founder and CEO Jorge Pérez listed his waterfront estate at 3323 Devon Court for $33 million, months after moving to a penthouse at his nearby Park Grove development.

Pérez, who told The Real Deal in May that he was planning to sell the Coconut Grove mansion, listed the 10,152-square-foot house with Jill Hertzberg and Jill Eber of Coldwell Banker’s The Jills Zeder Group, according to a press release. He has been living at One Park Grove, where he and his wife, Darlene, closed on an upper penthouse in February for $7.4 million. Related and Terra co-developed the three-tower project.

Pérez has owned the three-story, six-bedroom, six-bathroom home since 1994. Records show he paid just under $2 million for the nearly 1-acre property, which is within the Hughes Cove gated neighborhood. It was developed in 1996.

The estate features a sculpture garden, courtyard entrance, 482 feet of water frontage with a private dock, a gym, outdoor kitchen, pool, Jacuzzi and fire pit.

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Developer Don Peebles recently made a similar move, selling his Coral Gables mansion for $13 million and moving to a unit at The Bath Club in Miami Beach, which Peebles developed.

Pérez, a billionaire, recently said that the South Florida real estate market is in one of “the rosiest periods” in its history. Residential sales have soared in recent months, with the ultra luxury end of the market experiencing an even bigger boom.

Related has embarked on a national expansion, moving quickly to develop roughly 25,000 units in the U.S. and Latin America.

Jon Paul Pérez, Jorge’s eldest son, was named president of Related late last year. He and his brother, Nicholas, are expected to eventually take over the family business.

This year, Related moved its headquarters next to Park Grove, to an office building that the company developed, and later sold its former headquarters in downtown Miami.

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Coconut GroveJorge PerezRelated Group