After selling a waterfront lot in Miami’s Coconut Grove for over $100 million, and his waterfront mansion in Coral Gables for $32 million, billionaire businessman Jorge Mas purchased a mansion in Gables Estates.
Mas, chairman and co-founder of MasTec, a construction and engineering giant, bought a 15,400-square-foot home on Casuarina Concourse. The eight-bedroom, 10-bathroom and three half-bathroom house was completed last year. It sits on a 1.2-acre lot.
Mas, who Forbes estimates is worth about $3.5 billion, has been buying and selling homes under the radar for years. A quit-claim deed transfer of ownership for the Casuarina Concourse sale was recorded in late December without a price, but a source told The Real Deal Mas paid $75 million for the property.
That price marks a record for Coral Gables. Last year, luxury homebuilder Alex Pirez sold his waterfront Gables Estates mansion at 340 Leucadendra Drive for $55 million, which set a new record at the time, TRD previously reported.
Attorney Roland Sanchez-Medina signed the deed on behalf of the seller, records show. Mas’ ownership is hidden via a land trust.
In December, 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.
Around the same time, he sold the 7.3-acre residential lot off of Douglas Road in the Grove to a hidden buyer, sources previously told TRD. That off-market trade was not 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.
In addition to his role at MasTec, Mas is also managing owner of Inter Miami CF, the Major League Soccer team part-owned by David Beckham. Inter Miami is building its mixed-use soccer complex near Miami International Airport.
Billionaire buyers have been increasingly active since early December, residential brokers say.
Some prospective buyers are driven by the proposed wealth tax in California. Larry Page, a co-founder of Google, recently paid about $173 million for two homes in Coconut Grove, including the 4.5-acre waterfront compound at 3585 Anchorage Way, and the 10,400-square-foot mansion at 3085 Munroe Drive.
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South Florida
California’s calling: Are more billionaires on their way to South Florida?