Australian billionaire Michael Dorrell bought a private island in Palm Beach for $150 million, and now he’s unloading a waterfront Coral Gables estate for $35 million.
Records show Dorrell’s Hautacam LLC sold the 1.7-acre compound at 235 Solano Prado to spec developer Alex Pirez in an off-market deal.
Dorrell is co-founder and CEO of Stonepeak, an investment firm that focuses on infrastructure projects like water desalination plants, gas pipelines and data centers. He has a net worth of $8.5 billion, according to Forbes. In 2024 he bought Tarpon Island, the private island in Palm Beach redeveloped by Todd Glaser and his partners, for $150 million. It holds the price record for lakefront homes in Palm Beach.
Records show he bought the Solano Prado estate for $34 million in 2022. It is in the gated Old Cutler Bay community. In May, he filed plans to redevelop the property with Coastal Homes, the luxury single-family home division of contractor Coastal Construction.
The existing home was built in 1987 and spans nearly 8,000 square feet. The compound also has a pool, a tennis court and a dock, records show.
Alex Pirez heads Mocca Group, a spec development firm active in Coral Gables. Last year he sold a waterfront mansion in nearby Gables Estates for $55 million, marking a price record for the gated community.
Ultraluxury buyers have flocked to Coral Gables in recent years, sending prices soaring. In October, the Weeknd closed on a waterfront Gables Estates mansion for $50 million.
John Ruiz, the CEO of MSP Recovery and the University of Miami’s “NIL king,” listed his Gables Estates compound for $175 million in February. It is now the most expensive home on the market in Miami-Dade County.
Former Yankees shortstop Derek Jeter sold his Coral Gables home in February for $13.2 million, over 100 percent more than what he paid for it in 2018.