Luxury home developer Alex Pirez paid $24.3 million for a waterfront home in Gables Estates, adding to recent deals in the gated community, The Real Deal has learned.
Pirez’s Mocca Group acquired the 7,100-square-foot home at 665 Leucadendra Drive in Coral Gables. Property records show the seller is Yrma Palenzuela, who bought the property with her late husband, Gonzalo Palenzuela. The house, with five bedrooms, five bathrooms and one half-bathroom, was built in 1999.
Pirez will likely knock the home down and build a new mansion.
The 1-acre property was on the market with Judy Zeder and Patricia Praca of the Jills Zeder Group at Coldwell Banker, most recently asking $27.6 million. The Palenzuelas, coffee moguls, paid $975,000 for the property in 1990, which is under $2 million, adjusted for inflation. It includes a pool, a dock and 400 feet of waterfront.
Pirez sold his waterfront Gables Estates mansion on the same street for $55 million last year, marking a record for the neighborhood. A Delaware LLC acquired the 16,000-square-foot, nine-bedroom and eleven-and-a-half bathroom estate at 340 Leucadendra Drive nearly a year ago.
Last month, attorney Anthony Lopez and his fiancee, former “Real Housewives of Miami” star Dr. Nicole Martin, flipped their renovated Gables Estates mansion for $55 million, just eight months after they bought the home at 33 Arvida Parkway for $34 million.
Lopez and Martin also paid $15.6 million for the teardown at 625 Reinante Avenue in Coral Gables’ Old Cutler Bay. Days later, Quirch Foods’ co-owner Guillermo Quirch III and his wife, Lisette, sold the 8,000-square-foot, six-bedroom and nine-bathroom estate next door, at 625 Reinante Avenue, for $47 million.
Also last month, Jose Mas, CEO of MasTec and co-owner of Inter Miami, paid $14.9 million for a 1-acre waterfront property at 9175 Arvida Parkway, also in Gables Estates. Mas plans to develop a new mansion on the lot, hiring architect Cesar Molina of CMA Design Studio.
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Residential
South Florida
Luxury home developer Alex Pirez sold his Gables Estates mansion for $55M
Residential
South Florida
Former “Real Housewives” star, attorney fiancé flip Coral Gables estate for $55M