$65M sale of waterfront Coconut Grove spec mansion sets new record in Miami-Dade: sources

Sale was recorded at $50M but sources say buyer paid more for the home’s completion

(Pacheco-Martinez & Associates)
(Pacheco-Martinez & Associates)

A waterfront spec mansion under construction in Coconut Grove sold for $65 million, marking a new record for Miami-Dade home sales, The Real Deal has learned.

A company managed by Isaac Perez sold the estate at 3488 Saint Gaudens Road to an unknown buyer via a Delaware LLC. The deed shows the property traded for $50 million, but sources said the price is $65 million, including the cost of completing the home.

Perez, a longtime Key Biscayne resident, was identified in a 2005 Tampa Bay Times article as a “reputed arms dealer and heir to a Venezuelan oil fortune.” He was allegedly involved in a failed coup in Venezuela that year.

Perez’s sister is also listed as a manager of the company that sold the Coconut Grove property, according to the state’s database.

The sale includes parcels totaling 4.3 acres. Miami-based Pacheco Martinez designed the modern mansion. The estate features a pool deck with a Jacuzzi, outdoor entertaining spaces and a dock, renderings on the architect’s website show.

Jorge Uribe of One Sotheby’s International Realty represented the seller, and Oren Alexander of Douglas Elliman represented the buyer. Uribe did not respond to a request for comment and Alexander declined to comment.

The buyer, CH2CG LLC, financed the purchase with a $20 million loan from Maxim Capital Group, according to property records.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The record surpasses the $49.9 million sale of 3 Indian Creek Island Road in early 2019.

The spec home was reportedly asking $50 million last year, plus more to complete the mansion, sources said.

The three parcels that just sold were part of a larger property that the Perez entity acquired in 2013 for $18 million, sources said. The fourth lot, where a new mansion was built, sold more than a year ago for $6.2 million, property records show.

Residential sales of single-family homes have skyrocketed over the past year, especially for the ultra-luxury segment of the market. Inventory has dropped dramatically and sellers have jacked up their pricing.

New records were also set in Coconut Grove. This year, a trust linked to private equity firm founder Nathan Leight sold the waterfront mansion at 3500 Curtis Lane for $48 million, following Miami businessman Jorge Mas’s sale of his waterfront mansion at 3085 Munroe Drive to nutrition moguls Roger and Sloan Barnett for nearly $46 million.

This month, Related Group CEO and founder Jorge Pérez listed his waterfront Coconut Grove estate for $33 million. Pérez’s home is just north of the Saint Gaudens property.