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Investor lists Coral Gables estate for nearly twice as much as he paid last year

by Kerrie Kennedy

Investor lists Coral Gables estate for nearly twice as much as he paid last year

What a difference a year makes, especially when it comes to real estate.

After an exodus of Latin American buyers left Miami’s luxury market reeling last year, Illinois entrepreneur Steven Lempera picked up a Coral Gables estate in an online auction for $27.8 million, a little over a third of its original asking price of $68 million.

A year later, with South Florida now a high-end haven for luxury buyers seeking relief from both taxes and the pandemic, Lempera has relisted the property for $49.9 million, nearly double what he paid.

Located at 41 Arvida Parkway in the Gables Estates neighborhood, the nine-bedroom, the14,000 square-foot manse is surrounded by water and includes a cement canal dock designed to accommodate a 200-foot-plus mega-yacht.

“This incredible property is located on the point lot of Gables Waterway, and offers unobstructed, open downtown and bay views, along with a protected waterway for a private yacht,” said listing agent Jill Hertzberg of the Jills Zeder Group in a press release. “The highlight of this magnificent estate is that it sits on 574 feet of water frontage and is surrounded by breathtaking views.”

Designed by Ramon Pacheco, the home features a De Giulio kitchen, an Estudio Arqué-designed pool and Hidalgo Monci lighting fixtures that double as statement sculptures at the estate’s entrance.

Besides the main house, there’s a nanny suite and a separate captain’s quarters adjacent to the dock, which features a separate sewer system and fresh water filling station.

 

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