New York investment firm founder pays record $34M for waterfront Coral Gables teardown

House built in 1987 is on 1.7-acre lot and was marketed as a property to build a “dream home”

Michael Dorrell, co-founder and CEO, Stonepeak Infrastructure Partners, in front of 235 Solano Prado in Coral Gables (The Jill Zeder Group, LinkedIn/Michael Dorrell)
Michael Dorrell, co-founder and CEO, Stonepeak Infrastructure Partners, in front of 235 Solano Prado in Coral Gables (The Jill Zeder Group, LinkedIn/Michael Dorrell)

Michael Dorrell, founder of New York-based Stonepeak Infrastructure Partners, bought a waterfront Coral Gables house for $34 million, a record for the Old Cutler Bay community.

Dorrell bought the house at 235 Solano Prado from Gregory Fox, who sold the property individually and as successor trustee of the Sylvia Urlich Fox Land Trust Agreement, according to records. Dorrell, through an affiliate, borrowed $15.3 million from First Republic Bank.

Jill Hertzberg and Judy Zeder of The Jills Zeder Group at Coldwell Banker represented the seller and confirmed it is the highest-priced Old Cutler Bay sale ever, per the Multiple Listing Service. Oren Alexander of The Alexander Team at Douglas Elliman represented the buyer.

The 7,818-square-foot, two-story house, built in 1987, sits on a 1.7-acre lot, according to Realtor.com. It has five bedrooms, three bathrooms, a four-car garage, private tennis courts, a pool and a private dock. The house is 18 feet above sea level and the lot offers views of Biscayne Bay.

The house could be torn down and the property redeveloped, as The Jill Zeder Group’s website marketed it as an opportunity to build a “dream home.”

Property records do not reflect any previous sales. It was first listed in 2017 for $19.9 million. The asking price changed several times since then, and most recently, in November, it was listed for $35 million, according to Realtor.com.

Dorrell started Stonepeak in 2011 after he left Blackstone, where he was senior managing director for private equity, according to his LinkedIn. He lists an Austin residence.

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Stonepeak invests in real estate and infrastructure on behalf of pensions, endowments and other institutions from around the world, according to its website. Its portfolio spans $46 billion in assets under management and more than 200 institutional investors. The company lists offices in Austin, Houston, Hong Kong, London and Sydney.

South Florida, with its cache of waterfront homes, has become a magnet for financial executives, many of whom are either expanding or moving their companies here.

In 2021, Orlando Bravo and his wife, Katy Bravo, bought a waterfront Miami Beach mansion at 5800 North Bay Road from Phil Collins for more than $39 million. Orlando Bravo, co-founder and managing partner at Chicago-based private equity capital firm Thoma Bravo, also leased about 36,500 square feet at the 830 Brickell office tower under construction.

Coral Gables also has attracted local real estate moguls and out-of-state tech company executives.

Related Group President Jon Paul Pérez bought a waterfront teardown at 240 Edgewater Drive for $8.8 million in February.

Also in February, Fintech company founders Al Goldstein and Anna Fridman paid $6 million for a Coral Gables house. Goldstein co-founded Chicago-based online lending fintech Avant. Fridman served as Avant’s general counsel and is co-founder and general counsel of Los Angeles-based Spring Labs, a blockchain-based data network for financial institutions.