Coral Gables estate hits the market for $55M

Coral Gables estate hits the market for $55M

Friday, June 15, 2018

8901 Arvida Lane in Coral Gables

A bayfront estate in Coral Gables hit the market for $55 million, marking one of the most expensive single-family homes listed for sale in Miami-Dade County.

Homestead nursery and landscaping business owner Manuel Diaz is selling the 2.4-acre property at 8901 Arvida Lane, according to a news release. If it sells for its asking price, the sale would mark a new record for Coral Gables. Last year, South Florida auto magnate Alan Potamkin sold his Gables home for $43.7 million.

Diaz’s 16,200-square-foot estate includes six bedrooms and 10 bathrooms in the main house, a movie theater, four-car garage, two studies, a game room and two guest houses, according to a press release. The property features a pool and a dock that fits a 90-foot yacht.

Diaz, who founded Manuel Diaz Farms, paid about $6.4 million for the property in 2003. It was built in 2007, records show. Diaz spent millions on the landscaping, including more than 600 species of palms, trees and plants, according to the Wall Street Journal.

His neighbor, a Sedano’s Supermarkets executive, paid $12.6 million for the waterfront estate next door at 9151 Arvida Lane in 2015.

Dennis Carvajal of One Sotheby’s International Realty is listing Diaz’s property. The Wall Street Journal first reported the listing. – Katherine Kallergis

Source: The Real Deal