The hidden owner of a waterfront lot in the exclusive Gables Estates community sold the property for $41.6 million, likely breaking even or losing money on the investment.
Property records show 8565 Old Cutler LLC, managed by Logan Gans, sold the 4.6-acre property at 8565 Old Cutler Road in Coral Gables. Miami Real 1 LLC purchased the lot. The seller paid $38 million for the home, a teardown, in 2022. A notice of commencement to demolish the home was filed last year by Mutchnik Construction Group.
With annual property taxes of the past three years totaling more than $1.7 million, the cost of real estate commissions and the cost of demolishing the home, the seller likely pocketed far less than expected.
The property was on the market for nearly $50 million with Jill Hertzberg of the Jills Zeder Group at Coldwell Banker, while Marilyn Miguel of Miami Real Estate Global represented the buyer.
It has previously housed former presidents of the University of Miami, including former U.S. Rep. Donna Shalala.
The sale is one of the biggest in Gables Estates over the past few months — but not at the top.
In April, attorney Anthony Lopez and former “Real Housewives of Miami” star Dr. Nicole Martin flipped their waterfront mansion in the same community for $55 million in an off-market deal. That sale came just eight months after they bought the home for $34 million and gut-renovated the property.
Also around the same time, Jose Mas, CEO of MasTec and co-owner of Inter Miami, paid $14.9 million for the 1-acre waterfront property at 9175 Arvida Parkway, where he plans to develop a new mansion designed by Cesar Molina. That purchase was part of the Mas family’s continued high-profile real estate activity: Mas’ brother, Jorge Mas, sold a waterfront lot for over $100 million late last year, and reportedly paid $75 million for a newly completed mansion, also in Gables Estates.
In May, luxury home developer Alex Pirez paid $24.3 million for the house at 665 Leucadendra Drive. Pirez will likely knock the Gables Estates home down and build a new mansion.
A massive estate of nearly 9 acres is rumored to be asking $400 million as a whisper listing. The owner is healthcare industry billionaire Mike Fernandez, founder and chairman of the Coral Gables-based private equity firm MBF Healthcare, who is in the midst of a divorce.
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