$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

Miami /
Jul.July 29, 2021 12:40 PM
(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.

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.





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