Weeks after dropping a career-high 41 points on the Houston Rockets, Miami Heat guard Tyler Herro just set a record off the court.
Herro paid $10.5 million for a non-waterfront home in Pinecrest, The Real Deal has learned. A company managed by Jeffrey Cahill sold the eight bedroom, eight-and-a-half bathroom mansion off of Southwest 124th Street to a trust managed by Ronald Brown II, property records show. Herro is the owner of the trust, according to a certificate of trust.
The NBA player’s trust financed the purchase with a $7.4 million mortgage from HSBC Bank.
The sale exceeds the $10.3 million Pinecrest record set earlier this month by the sale of 6155 Southwest 106th Street.
(Brown Harris Stevens Miami, Josie Wang)
Herro’s 9,500-square-foot house was built last year on a nearly 1-acre lot. The Cahill-led entity paid $5.3 million for the property while the house was under construction, meaning it sold the home for nearly double what it paid. The house includes a gourmet kitchen, wine cellar, summer kitchen, cabana, pool and media room, according to the listing. It was on the market for $11.9 million.
Brown Harris Stevens Miami’s Josie Wang represented the seller. Ashley Michelle Velez of PURE Investments, who has worked with other athletes, represented Herro. The agents declined to comment.
(Brown Harris Stevens Miami, Josie Wang)
Herro recently signed a four-year, $120 million contract with the Heat. The shooting guard was drafted by the franchise in 2019 after one year of college basketball at the University of Kentucky, and last season was named the NBA’s Sixth Man of the Year, an award that’s given to the league’s best player who came off the bench as a substitute.
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A number of Miami Heat players have called Pinecrest and the surrounding neighborhoods home. In January, all-star small forward Jimmy Butler paid $7.4 million for a home near South Miami, a year after signing a four-year, $184 million contract extension with the Heat. Butler sold his home in Pinecrest for $7.1 million last year.
In April, former Real Housewife of Miami Cristy Rice, the ex-wife of former Miami Heat player Glen Rice, sold the home she shared with her ex-husband near Coral Gables and South Miami for $5.1 million.
(Brown Harris Stevens Miami, Josie Wang)
Farther east on the ocean, Miami Heat President Pat Riley, nicknamed “the Godfather” in the NBA, and his wife, Chris, sold their condo at the Four Seasons Residences at the Surf Club in Surfside for $22.8 million, or a South Florida record $5,775 per square foot.