Developer Alex Pirez Sells Gables Estates Home for Record Price

Spec homebuilder Alex Pirez sold his waterfront Gables Estates mansion for $55 million in a previously unreported deal that closed earlier this year, The Real Deal has learned.

Pirez sold the 16,000-square-foot, nine-bedroom and eleven-and-a-half bathroom estate at 340 Leucadendra Drive in Coral Gables to a Delaware LLC, according to a deed recorded in June. The sale was recorded for $9 million, but the price was much higher, according to sources.

Pirez owns Mocca Group and Mocca Realty, and is active in Coral Gables. He declined to comment.

The $55 million price marks a record for the gated community, and is among the priciest, if not the most expensive, to close in Coral Gables.

Pirez, via 120 Leucadendra LLC, later bought a smaller waterfront home at 120 Leucadendra Drive, also in Gables Estates. Property records show residential broker Audrey Ross, who is licensed with Compass, sold the house. A price was not attached to the deed, and the MLS shows it sold for $7.8 million, but sources said it traded for $17 million.

The sale of 340 Leucadendra Drive surpasses The Weeknd’s $50 million purchase of 41 Arvida Parkway in October.

Nearby, in Miami’s Coconut Grove, a company tied to billionaire businessman Jorge Mas recently sold the 7.3-acre residential lot next to the Kampong botanical garden to a hidden buyer for more than $100 million. This week, Banyan Ridge, a 4.5-acre waterfront compound at 3585 Anchorage Way that’s also in Coconut Grove, traded for $101.5 million, according to the MLS. The property was most recently asking $115 million. The seller of Banyan Ridge is the estate of the late Jonathan Lewis, who was a prominent Miami restaurateur and LGBT advocate.