Billionaire developer Jorge Pérez sells Coconut Grove mansion for $33M, donates proceeds

Buyer is cannabis executive Jonathan Sandelman

Jorge and Darlene Pérez with the home (Compass, Getty)
Jorge and Darlene Pérez with the home (Compass, Getty)

UPDATED, Sept. 17, 2:08 p.m.: Developer Jorge Pérez sold his waterfront Coconut Grove estate for its asking price of $33 million.

Pérez, the billionaire founder and CEO of Related Group, and his wife Darlene, are donating the proceeds from the sale of their mansion at 3323 Devon Court to the Miami Foundation via the Pérez family’s fund, according to a press release. More recently, Pérez’s fund has given to Covid-19 recovery efforts and to Support Surfside.

Jonathan Sandelman and Alicia Bona, purchased the property, public records reveal. Sandelman is chairman and CEO of Ayr Wellness, a cannabis operator based in New York. He was CEO of Toronto-based Cannabis Strategies Acquisition Corp.

The Pérezes moved earlier this year to One Park Grove, after closing on an upper penthouse for $7.4 million in February. Related and Terra co-developed the three-tower project, called Park Grove.

Pérez listed his 10,152-square-foot mansion in July, and the sale closed on Wednesday, according to the MLS. Jill Hertzberg and Jill Eber of Coldwell Banker’s The Jills Zeder Group represented the seller, while Lisa Sayfie of Compass’ The Audrey Ross Team represented the buyer. The Jills declined to comment, and Sayfie did not immediately respond to a request for comment.

Sign Up for the undefined Newsletter

Pérez paid just under $2 million in 1994 for the nearly 1-acre property, which is within the Hughes Cove gated neighborhood. The three-story, six-bedroom and six-bathrom home was built in 1996. It features a sculpture garden, courtyard entrance, gym, outdoor kitchen, pool, Jacuzzi and fire pit. It also has 482 feet of water frontage with a private dock.

Read more

The Related CEO is taking advantage of what he called one of “the rosiest periods” in South Florida real estate’s history, as residential sales, especially those of waterfront homes, have soared this year.

Related, which moved its headquarters earlier this year to a building it developed next to Park Grove, has been expanding on a national scale.

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.

In May, Jorge Pérez sold his penthouse at Apogee Beach in Hollywood for $6 million to personal injury lawyer William Schwitzer of William Schwitzer & Associates in New York.