Billionaire businessman Jorge Mas is on a roll. After selling a waterfront property in Miami’s Coconut Grove for over $100 million, the MasTec chairman sold his mansion in Coral Gables for $32 million.
A trust owned by Mas and his wife sold the 13,500-square-foot home at 6312 Riviera Drive to a land trust managed by attorney Richard Barbara, who is in-house counsel at the Barreto Group and CFO of Coral Gables Title + Escrow.
The waterfront two-story home has six bedrooms and six bathrooms and sits on a 1.6-acre lot fronting the Coral Gables Waterway. Mas’ ownership of the property was previously hidden from the public. His trust paid $19.4 million for the property in 2021, records show. (Before that, it sold for $14.9 million in 2020.)
Mas often hides his ownership of residential properties. He recently sold the 7.3-acre residential lot off of Douglas Road in the Grove to a hidden buyer, sources told The Real Deal earlier this month. The off-market trade has not yet been recorded with Miami-Dade County, and the buyer is unknown. Sources said Mas purchased the waterfront lot this year and flipped it. His purchase was not recorded, and it suggests that he acquired the LLC that owned the lot.
Luxury residential sales are up in Coral Gables. Last week, Royal Caribbean Group’s former chairman and CEO Richard Fain signed a contract to sell his waterfront estate, asking $37 million, in Gables Estates.
Mas co-founded MasTec, a construction and engineering giant, and is also managing owner of Inter Miami CF, the Major League Soccer team part-owned by David Beckham. Inter Miami is building a $1 billion mixed-use stadium development near Miami International Airport. Construction is underway.
Earlier this year, the partnership, which includes Ares Management, secured a $450 million loan from JPMorgan Chase for the project.
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