Insightec CEO Dr. Maurice Ferré Jr., son of the late former mayor of Miami, Maurice A. Ferré, sold a waterfront teardown in Key Biscayne for $16.5 million.
Records show Ferré Jr. and his wife, Maria Ferré, sold the house at 520 South Mashta Drive to Finch Development Corporation, a Florida entity managed by Paul Destefanis. Destefanis is a managing partner of Miami-based Advanced Business Valuations.
Pamela Ibarguen and Nelson Duque of Fortune Christie’s International Real Estate had the listing, and Jonathan Matos of Douglas Elliman brought the buyer.
Ferré Jr. heads the Israeli medical device company Insightec. He previously co-founded Mako Surgical Corporation, a medical device maker he launched in 2004. Stryker, a Kalamazoo, Michigan-based medical tech firm, bought Mako for $1.65 billion in 2013, according to published reports.
Ferré Jr.’s late father was a six-term mayor of Miami and the city’s first Hispanic mayor. He is widely regarded as the father of modern-day Miami for shepherding the city through the tumultuous period between 1973 and 1985 when he held office. He died in 2019.
The Ferrés bought the waterfront Key Biscayne house for $8.7 million in 2014, records show. Built in 1961 on 0.5 acres, the 3,100-square-foot house has three bedrooms, four bathrooms and a pool, according to property records. They listed it for $17.2 million in December, Redfin shows. The couple also owns the non-waterfront house across the street at 521 South Mashta Drive, which they bought for $1.3 million in 2004, records show.
The sale marks the second Mashta Drive deal for Paul Destefanis in recent months. In February, his Olive Developments sold the waterfront house at 760 Mashta Drive for $24.5 million. Matos said Destefanis liked this Mashta Drive house for the size of the lot and safety of the community.
“There’s a lot of security on the island,” Matos said. “You drive around in your golf cart, and once you cross that bridge you’re a world away from Miami.”
Luxury buyers in South Florida are prioritizing privacy and security in their purchases, also preferring gated communities with round-the-clock security.