Family members sold their late parents’ waterfront teardown in Gables Estates for $17.3 million, a year after listing it for $21.5 million.
Records show Ricardo Pines Altuna, Gustavo Pines Altuna and Francisco Pines Altuna sold the mansion at 8805 Arvida Drive to Arvida Hilltopper LLC, a Florida entity managed by Ammer Cabrera.
Lourdes Alatriste with Douglas Elliman had the listing, and Dexter Brandao with Chez Realty brought the buyer.
The sellers are the sons of the late Ricardo Pines and Elba Altuna de Pines, Venezuelans who immigrated to Miami in 1980 and invested in real estate and agricultural businesses, according to their obituaries. They died in 2023 and 2024, respectively.
They bought the waterfront Gables Estates mansion for $1.4 million in 1982, property records show. It was built on 1.7 acres in 1959 and spans 10,200 square feet, with six bedrooms and six bathrooms, according to records. It was marketed as an opportunity to renovate or build a new home.
The family listed it for $21.5 million last year, selling it at a $4.2 million discount, according to Zillow.
It marks the latest pricey closing in Gables Estates, a gated neighborhood favored by luxury buyers in Coral Gables. In August, Goya Foods scion Francisco R. Unanue sold a 1-acre waterfront lot to spec developer Alex Pirez for $18.5 million. In July, the CEO of a lending firm and a cosmetics mogul sold their mansion in the neighborhood for $27.5 million. The month prior, magnetics heir Geert-Jan Bakker dropped $23.5 million on a mansion, after selling his Indian Creek Village estate for $64.5 million.