Billionaire Jorge Mas Flips Miami Lot for $100 Million

A company associated with billionaire Jorge Mas has sold a waterfront property in Miami’s Coconut Grove for over $100 million, The Real Deal has learned.

The transaction involves a 7.3-acre residential lot located off Douglas Road, adjacent to the Kampong botanical garden. This sale stands out as one of the most expensive residential land deals in Miami-Dade County so far this year. According to sources, Mas was the seller. Public records indicate that the property was sold by a company managed by a Coral Gables law firm.

The deal was completed off-market and has not yet been officially recorded with Miami-Dade County. The identity of the buyer remains undisclosed.

Brett Harris of Bespoke Real Estate shared on Instagram that he represented the buyer in a transaction exceeding $100 million that closed on Tuesday. He was unavailable for immediate comment. Developer Alex Pirez of Mocca Realty represented the seller, as confirmed by both the social media post and signage at the property. Pirez declined to provide further comment.

According to sources, Mas acquired the property earlier this year and is now flipping the waterfront lot. Since his purchase was not recorded, it is believed that he acquired the LLC that owned the land. The previous owner was linked to Ella Fontanals-Cisneros, a Cuban-born Venezuelan art collector.

Mas’s ownership of the site was kept private. A prominent figure in Miami, Mas is the board chairman and co-founder of the construction and engineering firm MasTec. He also serves as managing owner of Inter Miami CF, the Major League Soccer team co-owned by David Beckham.

Inter Miami is currently building a $1 billion mixed-use stadium complex near Miami International Airport, with construction underway. Earlier this year, the group behind the project, which includes Ares Management, secured a $450 million loan from JPMorgan Chase to finance the development.

Mas has previously kept his residential real estate dealings private. In 2021, an LLC connected to him sold a waterfront mansion at 3085 Munroe Drive in Coconut Grove for nearly $46 million.

The sale of the property next to the Kampong, closing for more than $100 million, is among the highest-priced single-family residential land transactions ever recorded in Miami-Dade County.

In 2022, billionaire hedge fund manager Ken Griffin paid nearly $107 million for the 4-acre waterfront estate formerly owned by Adrienne Arsht at 3031 and 3115 Brickell Avenue, also in Coconut Grove. Griffin intends to redevelop the site and, earlier this year, announced plans to relocate the historic Villa Serena home to the nearby Vizcaya Museum and Gardens.