Adonel Concrete CEO Luis García sold his waterfront mansion in Miami’s Bay Point for $38.5 million, marking a record for the gated community.
García sold the 8,200-square-foot, seven-bedroom, eight-and-a-half-bathroom home at 4505 Sabal Palm Road to an undisclosed local buyer of Russian descent, according to the listing agent, Coldwell Banker’s Ana Teresa Rodriguez. Rodriguez declined to name the buyer, and the deed has not yet been recorded.
The sale is more than double the previous Bay Point record: an $18 million trade of a waterfront mansion at 580 Sabal Palm Road in late 2021. Still, the latest sale marked a 30 percent discount off its $55 million asking price. It hit the market in July.
Homes are beginning to sell for discounts off the asking price across South Florida. Median price growth has slowed across the region, and home sales have been on the decline for months. In January, single-family home sales fell 41 percent, year-over-year, in Miami-Dade County to just fewer than 600 closings.
The buyer of the Bay Point property also purchased the furniture and art, Rodriguez said. She declined to provide the price.
Valeriya Strohschein of Lifestyle International Realty represented the buyer, according to a source.
Rodriguez is engaged to García, the seller. She said the deal illustrates that Bay Point is on par with other pricey neighborhoods in Miami-Dade County, like Miami Beach. The $38.5 million sale is the fourth highest residential sale in the county over the last 12 months, she said.
The property is next door to retired tennis pro Anna Kournikova and her husband, singer-songwriter Enrique Iglesias’ home, records show.
García acquired the lot out of foreclosure. It was one of about a dozen properties that Carlos Justo, once a top broker in Miami who was a cast member of TLC’s “Million Dollar Agents” show, lost in foreclosure in the Great Recession.
García is chairman and CEO of Adonel, a Miami-based concrete company with 15 plants in Florida and in Haiti, according to its website. He and Rodriguez completed the bayfront home on a half-acre lot in 2016. It includes an infinity pool, dock, and a motor court with space for 12 cars.
Rodriguez said the property is one of García’s four homes in Bay Point that she is selling. They include the $17.5 million listing of the non-waterfront home across the street at 4500 Sabal Palm Road. It was also marketed as a five-bedroom guest house that could have been combined with the waterfront mansion for $72.5 million.
Home prices have grown in the neighborhood, which is north of downtown Miami and the Miami Design District. In September 2021, singer Joe Jonas and “Game of Thrones” actress Sophie Turner paid $11 million for a Bay Point waterfront home that previously belonged to Cuban-American musician Willy Chirino.
Later that year, ex-Miami Heat player Meyers Leonard sold his waterfront Bay Point home for $11 million, more than 40 percent more than Leonard’s purchase price a year earlier. About the same time, retired Yankees player-turned-real-estate-investor Alex Rodriguez also flipped a home in Bay Point, for $6.3 million, $800,000 more than he paid less than a year earlier.